Gold Rate In India Remains Close To Historic High! Will Dussehra’s Drop Continue Next Day? Check 3 Oct Outlook

Gold Rate in India, Outlook: The price of gold in India fell on Dussehra and Gandhi Jayanti on Thursday to end its five-day record-breaking rally. With global uncertainty fueled by the US government shutdown concerns and persistent geopolitical tensions, the big question now is whether this dip marks a temporary breather or the start of a deeper price correction.

As tariff tensions and the US political scenario continues to drive the gold's safe-haven rally worldwide, back in India, the precious metal is seeing strong demand due to upcoming festivals including Diwali and Dhanteras.

Gold Rate in India

The price of 24 karat gold in India fell by Rs 55 per gram to Rs 11,869. Likewise, the 22 karat gold rate in India declined by Rs 50 to Rs 10,880 per gram. Similarly, 18 karat gold rate in India slipped by Rs 38 per gram to Rs 8,902 per gram.

Silver Rate In India

The price of silver in India defied the trend and increased on Thursday, October 2. Silver rate in India increased to Rs 153 per gram and Rs 1,53,000 per kilogram. The surge in silver rates is the result of increasing industrial demand of the precious metal. Silver is used widely in multiple sectors including electronics, solar energy, and automotive sector.

Gold Rate in India Today Outlook

Silver outperformed gold last week, and there may be short-term rotation into industrial metals, noted SMC Global Securities in its weekly outlook report on metals. Gold's strong demand is supported due to record surge in year-to-date ETF investment. The inflows has reached roughly $50 billion. Safe-haven buying has also contributed to the gold price rally amid geopolitical tensions, tariff uncertainty, and concerns around US shutdown.

"Gold prices are expected to correct. Traders can sell at 118000 with a stop loss of
118500 for the target at 117500-117000. One can also buy from 116600 with a stop loss of 116200," noted Nirmal Bang in its report.

"Market watchers note that the continued interest in the gold product, in addition to festival demand, was responsible for the current momentum in gold valuations, making gold a preferred and significant consideration for both gifting and demand purposes. Concerning traders or the market, they also expect a steady and firm price valuation in the near-term, and will expect stronger price movements if the buying momentum increases through the remaining parts of the festive season," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

"Gold's safe-haven appeal was further reinforced by fresh US tariff threats, including plans to impose tariffs from October 1 on imported branded drugs, heavy-duty trucks, kitchen cabinets, and upholstered furniture. Meanwhile, silver hit a 14-year high, supported by firmer industrial demand and tighter physical availability," GoodReturns quoted SMC Global Securities report earlier.

Silver Price Outlook

"Silver prices are expected to correct. One can sell at 145000 with a stop loss of 146500 for the target 143000-142000. One can also buy from 141500 with a stop loss of 140000," Nirmal Bang added in its report.

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