Gold Rate in India Down Rs 6,000/100 Gm In A Day, Silver Falls Too; Will Prices Recover? 21 November Outlook

Gold Rate in India: The price of 24, 22, and 18 karat gold in India declined marginally on Thursday, as part of a broader price correction across the world. Silver prices also saw some correction. As the demand for precious metals continues due to the ongoing wedding season, gold and silver price movement will be in focus on Friday, November 21.

The prices of gold and silver are closely tracked not just by retail jewellery buyers, but also by investors. The precious metals emerge as the ultimate safe-haven asset, that protects investors from market volatility, geopolitical tensions, and uncertainty.

Gold Rate in India

The price of 24 karat gold in India declined by Rs 60 per gram (equivalent to Rs 6,000 per 100 gram) on Thursday to Rs 12,426 per gram. Likewise, the price of 22 karat gold in India fell by Rs 55 per gram to Rs 11,390 per gram. The rate of 18 karat gold in India fell by Rs 45 per gram to Rs 9,319 per gram.

Silver Rate in India

The price of silver in India declined to Rs 165 per gram and to Rs 1,65,000 per kilogram. The demand for silver has increased significantly since the beginning of the year because of its strong industrial demand and supply-side constraints.

Silver, Gold Price Outlook

The price of gold and silver will remain volatile and may see some mild upward momentum due to the release of US jobs data. The trend will decide the investors' sentiment and the next course for gold's safe-haven rally. The US job growth accelerated in September, as per the data released on Thursday. Despite the surge in the job market, the unemployment rate increased to a four-year high of 4.4%, reported Reuters.

As per the report, some experts believe that September's US job reports could impact the US Federal Reserve's decision on a rate cut. The recently published US Fed minutes for the September meeting, mentioned that some policymakers cautioned about further lowering the interest rate cuts. Hence, the gold and silver prices may see some upward momentum on Friday.

In the long-term the precious metals will continue their upward momentum. "While concerns about getting interest-rate cuts globally have decreased, the demand for the yellow metal remains strong. Jewellery purchases are expected to increase moderately due to weddings, and investors should look at gold as a hedge against uncertainty," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

"Global cues remain mixed and there will likely be volatility; however, the white-metal market is holding steady," Kamboj added.