Gold Price Today: Yellow metal under pressure as strong dollar weighs on global sentiment

Gold Price Today: Gold prices remained under pressure on Wednesday, November 5, after their sharpest decline in more than a week. The metal struggled to find footing as investors weighed the recent strength of the US dollar against broader risk-off sentiment in global markets.

Spot gold was seen hovering around $3,940 an ounce after falling nearly 2 per cent in the previous session. The decline comes after five consecutive days of gains in the dollar index, which usually moves inversely to gold prices.

Global equities also continued to fall, posting their biggest drop in nearly a month amid concerns about rising valuations. Most other commodities followed suit, further adding to the overall weakness in market sentiment.

On Tuesday, gold prices fell in India too due to the strengthening of the dollar. On the Multi Commodity Exchange (MCX), December gold futures fell 0.43 per cent to Rs 1,20,886 per 10 grams, while silver December contract fell 0.41 per cent to Rs 1,47,154 per kg.

According to the Indian Bullion Association (IBA), on November 4, the price of 24 carat gold was Rs 1,21,120 per 10 grams and the price of 22 carat gold was Rs 1,11,027 per 10 grams. Silver (999 fine) was priced at Rs 1,47,430 per kg.

The average retail price of gold in India is currently Rs 1,22,450 per 10 grams for 24 carat, Rs 1,12,240 for 22 carat and Rs 91,830 for 18 carat gold.

Despite the recent decline, gold has delivered robust returns over the past few years. Over the past two decades, gold prices have risen nearly 1,200 percent—from Rs 7,638 in 2005 to over Rs 125,000 in 2025 (as of September).

The precious metal has delivered positive returns in 16 of those 20 years and remains one of the top-performing assets in 2025, gaining 56 percent year-to-date (YTD).

"We are still in a consolidation mode. The lack of US economic data makes it a bit more difficult, but weaker US economic data should support further Fed rate cuts and allow gold to move to $4,200 per ounce by the end of the year," experts mentioned.

With IANS Inputs