Gold Rate in India Remains At Record-High! Will Monday Mark Another Jump In Prices? 13 October Outlook

Gold Rate in India: There was a sharp surge in the prices of gold last week as the gold's safe-haven rally transitioned into panic buying for many investors. Similarly, prices of silver also surged significantly over the past few days making them close to their all-time highs mark.

Now, investors sentiment around gold and silver will hugely depend on upcoming developments around US shutdown, geopolitical tensions, US Fed rate cuts, and release of key macroeconomic indicators.

Gold Rate in India

The price of gold witnessed a sharp rally last week, leaving behind investors hope of some consolidation. The price of 24 karat gold in India on Sunday, October 12, remained at Rs 12,507 per gram. Whereas the 22 karat gold rate in India witnessed a massive weekly jump to Rs 11,464 per gram. Similarly, the 18 karat gold rate in India surged to Rs 9,380 per gram.

Silver Rate in India

Silver rate in India stood at Rs 179.9 per gram and Rs 1,79,900 per kilogram. Silver rate in India has witnessed a sharp rally over the past few weeks mirroring the jump in global prices. Silver price jump can be attributed to a host of factors including strong industrial demand, supply side constraints, etc.

The price of silver in India has surged significantly by nearly 70% since the beginning of the year, whereas gold rate in India has soared around 60%. The jump in gold and silver rates have come against the backdrop of shifting US policies under the leadership of President Donald Trump.

Gold, Silver Price Outlook

Gold and silver prices are likely to continue their upward trajectory as the strong buying trend due to the ongoing festive season and weak investors sentiment around the support the rally.

According to Nirmal Bang, gold prices are expected to witness some profit booking on Monday. "Gold prices are expected to witness profit booking. Traders can sell at 122300
with a stop loss of 122800 for the target at 121500-120300," noted Nirmal Bang in its technical report.

"One can sell at 149000 with a stop loss of 150500 for the target 147000-144500," stated the brokerage for silver.

As central bank continues to buy gold amid geopolitical tensions and expectations of US Fed rate cut, gold buying is likely to sustain, according to Singh.

"Analysts see this as a healthy consolidation, not a reversal, with geopolitical tensions and central bank gold buying likely to sustain a bullish trend toward $4,000+," noted Pankaj Singh Founder & Principal Researcher, SmartWealth.ai.

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