Gold Rate in India Sees Sharp Rebound! 24K Up Rs 1,090 Amid Hopes of India-US Trade Deal | 6 Nov Outlook

Gold Rate in India: Gold prices in India rebounded sharply on Thursday, November 6, as the precious metal held firm amid renewed safe-haven demand. Silver prices also edged higher during the session. While some analysts expect a mild correction in gold prices ahead, investors are now closely watching the yellow metal's movement on Friday, November 7.

The prices of gold and silver in India surged on Thursday, November 6, mirroring the jump in international gold rates. Despite the surge, gold continues to remain at lower rate compared to Diwali levels, hence presents an attractive opportunity for investors.

The revival in gold rates has come amid expectations that India and the US may finalise a trade deal as the former continues to face a hefty 50% tariffs imposed by the US President Donald Trump. However, there has been no official confirmation about India-US Trade deal so far.

However, Finance Minister Nirmala Sitharaman, on Thursday, said that negotiations are underway to strike a bilateral trade agreement (BTA) between India and the US.

Gold Rate in India

The price of 24 karat gold in India increased to Rs 12,257 per gram on Thursday, November 6. At the same time, the rate of 22 karat gold in India jumped by Rs 100 per gram to Rs 11,235. Likewise, the price of 18 karat gold in India surged around Rs 82 per gram to Rs 9,193. The gold rate in India has increased by more than 50% since the beginning of the year.

Silver Rate in India

The price of silver has increased to Rs 152.5 per gram and to Rs 1,52,500 per kilogram. There has been a sharp surge in the prices of silver since the beginning of the year due to strong industrial demand and supply-side constraints.

Gold, Silver MCX

Gold prices remained unstable on the multi commodity exchange (MCX) on Thursday. Gold Futures with December expiry increased to Rs 1,20,613 per 10 gram on November 6. Whereas, silver futures with December expiry closed at Rs 1,47,069 per kilogram. Meanwhile, the international gold prices extended gains and closed at $3,980 per ounce today, according to Trading Economics.

Gold, Silver Price Outlook

The price of gold is likely to remain volatile on Friday, and may see an upward momentum mirroring the international gold price movement. In the long run, experts believe that the yellow metal will continue to remain in the bullish territory and present an attractive opportunity for investors.

"The current dip in gold and silver is not a warning sign but an opportunity. With central banks accumulating aggressively and monetary easing underway, gold continues to stand as a hedge against inflation, currency erosion, and volatility and this correction could well be the calm before a powerful new rally," explained Harshal Dasani, Business Head, INVasset PMS earlier.

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