Gold Rate in India Above Rs 1.25 Lakh; Silver Rises Too! Time For Gold To Reclaim 1.3 Lakh? 22 Nov Outlook

Gold Rate in India: The prices of gold and silver in India remained volatile on Friday, as the precious metal rates fell in the first half of the day, only to jump beyond Rs 1.25 lakh/10 gram (for 24 karat) in the second half. The volatility reflected a shift in global investors' sentiment against the backdrop of stronger US labour data, trimmed signals of US Fed rate cut, and softer US yields.

Back in India, the demand for gold remains strong amid the ongoing wedding season. Hence, retail investors as well as jewellery buyers closely track gold rate in India. As the weekend has arrived, gold price movement on Saturday, November 22, will be in focus.

Gold Rate in India

THe price of 24 karat gold in India increased by Rs 186 per gram to Rs 12,584 per gram, whereas the rate of 22 karat gold in India jumped around Rs 170 per gram to Rs 11,535 per gram. Likewise, the rate of 18 karat gold in india surged by Rs 139 per gram to Rs 9,438 per gram.

Silver Rate in India

The price of silver in India increased on Friday to Rs 164 per gramand to Rs 1,64,000 per kilogram. The significant surge in silver rates since the beginning of the year, has come against the backdrop of sharp increase in industrial demand and supply side bottlenecks.

Gold, Silver Price Outlook

Gold and silver prices are likely to remain stable on Saturday, as the commodity markets will remain shut during the weekend. However, there could be some minor surge due to shifting global investors sentiment. In the long-term, the prices of gold are expected to remain high due to its strong appeal as a safe-haven asset, as per experts.

"The continued fluctuation in prices of the metal and seasonal buying indicate that many buyers are hesitant to buy. While gold continues to be an attractive investment in the U.S., especially after record inflows into gold-viewed ETFs this year, movement continues to be muted. Recent weeks show that both jewelry buyers and investors prefer to stake into the market for the small but moderate price increases rather than to benefit from more aggressive price increases. This indicates that the buyers are still finding their footing in the market," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

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