Gold Rate In India Shoots To November's High, Only To Crash Rs 3,570 In 2 Days; What' Next? 17-21 Nov Outlook

Gold Rate in India: The prices of gold were on a rollercoaster ride last week, with 24 karat gold rate shooting to November's high, only to fall significantly in the next two days. Silver rate in India, on the other hand, started the month on a bearish note, but regained its momentum and continues to rise. With the US government shutdown now resolved and the market awaiting key pending economic data, trade tariff updates, and other global cues, all eyes are on how gold prices will move in the upcoming week from 17 to 21 November.

Gold prices in India are closely watched not only by jewellery buyers but also by retail investors. Silver, too, is considered a safe-haven asset, and with rising industrial demand coupled with supply-side constraints, its overall appeal has strengthened even further.

Gold Rate in India

The price of 24 karat gold in India decreased by Rs 196 per gram to Rs 12,508 per gram on Saturday, November 15. Whereas, the rate of 22 karat gold in India fell by Rs 180 per gram to Rs 12,508 per gram. Likewise, the price of 18 karat gold in India declined by Rs 147 per gram to Rs 9,381 per gram.

THe 24K gold price in India jumped to its November high mark (till now) of Rs 12,865 per gram on November 13. The jump was followed by significant decline of nearly Rs 3,570 per gram in two days.

Silver Rate in India

The price of silver in India declined significantly on Saturday, November 15. Till, now the white metal witnessed a slow and steady surge since the beginning of November. Silver rate in India on Saturday declined to Rs 169 per gram and Rs 1,69,000 per kilogram.

Gold, Silver Rate MCX

Gold futures with December expiry on MCX ended at Rs 1,23,377 per 10 grams on Friday. Whereas, the silver futures with December expiry concluded their trading at Rs 1,62,470 per kilogram.

Gold, Silver Price Weekly Outlook

The price of gold and silver in India may see some mild dips in the coming week, according to experts who maintained their long-term bullish stance on the two precious metals.

While gold prices declined in the past two days, there was an estimated 2.5% weekly surge in their valuations. The surge in domestic gold prices coincides with weekly gain in international prices.

The rally is fuelled by the continuous gold buying by global central banks. The recent decline in gold prices in the Rs 1.2-1.25 lakh/10 gram territory was a correction and the overall momentum will remain bullish, according to Justin Khoo, Senior Market Analyst - APAC, VT Markets.

"While the Gaza conflict has subsided, geopolitical risk remains high due to the ongoing war between Russia and Ukraine, as well as the growing strategic split between the United States and China. This maintains safe-haven demand and helps to support gold prices. The recent decline appeared to be a pure correction, with long-term structural forces soon propelling the price back up again," explained Khushboo.

"With gold at lifetime highs and supported by long-term de-dollarization tendencies, investors should remain optimistic but restrained. To reduce risk, avoid chasing highs and instead accumulate during 2-3% falls," the expert added.

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