Gold Rate in India Close To Record High! Will Gold-Silver Safe-Haven Rally Drive Prices Higher? Oct 6 Outlook

Gold Rate in India: The precious metal extended its winning streak for the seventh consecutive week amid heightened geopolitical uncertainty and stock market volatility. Despite minor corrections over the past 2-3 days, gold prices in India remained near their record highs on Sunday. As investors weigh the impact of the US government shutdown uncertainty, global tariff tensions, and strong festive season demand at home, all eyes are on the gold price movement on Monday, October 6.

Gold prices witnessed a massive surge in September, which also coincided with a sharp surge in the silver prices in India. The gold and silver price rally mirrored their strong global demand. While gold remained a safe-haven asset for investors amid US Fed rate cut hopes, geopolitical uncertainty and volatility, silver saw a sharp uptick in its industrial demand.

Gold Rate in India

On October 5, the cost of gold in India showed no fluctuations. The rate for 24 karat gold was Rs 11,940 per gram. Similarly, 22 karat gold was priced at Rs 10,945 per gram. Meanwhile, the price for 18 karat gold stood at Rs 8,955 per gram.

Silver Rate in India

Silver prices in India have been climbing, mirroring the trend seen with gold. This increase is driven by robust industrial demand and appealing price points for the metal. As of Sunday, October 5, silver was priced at Rs 155 per gram and Rs 1,55,000 per kilogram.

Gold, Silver Price Outlook

Gold prices are likely to continue their upward trend on Monday. Meanwhile, silver prices may also see a surge. Gold price today will be driven by overall strong demand from central banks, significant ETF inflows, and ongoing geopolitical uncertainties due to trade tensions. SMC Global Securities Limited suggests that these factors will likely sustain the upward momentum in gold prices.

According to a report by SMC Global Securities, "Gold is expected to maintain an upward bias with a projected trading range of Rs. 1,13,800-Rs. 1,20,400, while silver is likely to remain supported between Rs. 1,36,500-Rs. 1,47,700."

"The positive argument for gold is further supported by central bank purchases, rising exchange-traded fund (ETF) inflows, and persistent geopolitical worries. The $4,000 level might act as a psychological barrier, but the long-term trend is still positive as long as the fundamental factors don't alter," noted Ross Maxwell, Global Strategy Lead at VT Markets.

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