Gold Rate In India Takes U-Turn, Silver Shines! Will Prices Rise Or Consolidate Pre-Diwali? 13–17 Oct Outlook

Gold Rate in India: Gold prices in India witnessed a sharp rebound on Saturday, October 11, touching a fresh record high. The sudden single-day surge erased all hopes of short-term stability or price consolidation in the coming week. Meanwhile, the silver rate in India has also broken all records as it rallies to historic levels.

As investors keep a close watch on the possible resolution of the US government shutdown and the release of key macroeconomic data, gold price movements between October 13 and October 17 will remain in sharp focus.

Gold Rate in India

The price of 24 karat gold in India increased by Rs 55 per gram to reach an all time high mark of Rs 12,426 per gram. Which means that 10 grams of 24 karat gold in India will cost around Rs 1,24,260 per 10 gram.

Likewise, the price of 22 karat gold increased by Rs 50 per gram to Rs 11,390 per gram on Saturday, October 11. The price of 18 karat gold rate in India surged by Rs 41 per gram to Rs 9,319 per gram.

Silver Rate in India

The price of silver in India has also recorded a sharp surge over the past two to three months. In September, silver ETF prices witnessed a significant rally, pushing domestic valuations above the prevailing international silver prices at that time. Silver rate in India on Saturday, October 11 stood at Rs 177 per gram and at Rs 1,77,000 per kilogram.

Gold, Silver Rate on MCX, Comex

The price of gold on comex surged to a fresh record high mark of $ 4,000 per ounce and helped the precious metal to mark its eighth consecutive weekly gain. Whereas, silver prices saw some price consolidation as they declined 2.5% to $47.2 ounce.

"In India, MCX gold futures gained 3% to ₹1,20,821/10g, extending their winning streak to seven weeks, while silver advanced 2.5% to ₹1,49,032/kg for the eighth straight week. Both metals saw a modest 1-1.2% pullback on Friday, driven by global profit-taking and steadier US Treasury yields," noted Pankaj Singh Founder & Principal Researcher, SmartWealth.ai.

Gold, Silver Price Outlook

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+," he stated.

Additionally, key developments including minutes from September FOMC meeting, US CPI inflation data, domestic CPI inflation data, etc will guide the investors sentiment around gold and silver.

The strong movement in silver rates will also continue in the coming days. "The price of silver is expected to touch USD 60 per ounce in the next one year, a potential of 20% YoY from the current price level owing to growing industrial demand," noted Emkay Wealth in its report.

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