Gold Rate In India Down Rs 1 Lakh/100 Gm From Peak! Rally Reloading or Correction Ahead? 3–7 November Outlook

Gold Rate in India: Gold prices in India witnessed a mild correction on Saturday, November 1, as the recent US Fed rate cut, uncertainty over future policy moves, and favourable developments around US-China trade ties triggered a tug-of-war between bulls and bears.

After touching an all-time high of around Rs 1,32,770 per 10 grams (24K), gold has seen a sharp decline over the past two weeks. Additionally, silver prices in India also saw a steep decline over the past few weeks. As a new week begins, all eyes will be on gold price movements between November 3 and 8 to gauge the next direction of the precious metal.

Gold Rate in India

The price of 24 karat gold in India declined by Rs 28 per gram to Rs 12,300 per gram on Saturday, November 1. Likewise, the price of 22 karat gold in India fell by Rs 25 per gram to Rs 11,275 per gram. The rate of 18 karat gold in India declined by Rs 21 per gram to Rs 9,225. The price of gold reached to an all-time high mark of Rs 13,277 per gram (for 24K) on 17 October, according to GoodReturns data. Which means that 24 karat gold rate in India stood at Rs 13,27,700 per kilogram on 17 October.

Since then, the price has declined Rs 97,700 (nearly Rs 1 lakh) to Rs 12,30,000 per 100 gram.

Silver Rate in India

The price of silver in India saw a minor surge on Saturday. However, the precious metal has declined significantly over the past few weeks. Silver rate in India, on Saturday, increased to Rs 152 per gram and to Rs 1,52,000 per kilogram. The price of silver in India has surged by more than 60% since the beginning of the year.

Silver, Gold MCX Rate

The international gold rate remained closed to $4,020 per ounce on Friday after dipping to its three-week low mark earlier. On Multicommodity Exchange (MCX), gold futures with December expiry closed at Rs 1,21,508 per 10 gram. Whereas, the silver futures with December expiry closed at Rs 148287 per kilogram.

Gold, Silver Price Outlook This Week

The price of gold in India may witness renewed bullish momentum following the recent correction, according to market experts. However, some analysts caution that supportive global cues, such as improving US-China trade relations and a strengthening US dollar, could extend the current phase of price correction.

"After the Federal Reserve's second rate cut of 2025 and its decision to halt balance sheet runoff starting December, market liquidity is set to improve - a supportive backdrop for precious metals. However, the Fed's cautious tone, highlighting still-elevated inflation and uncertainty over a December cut, has kept traders wary," noted Ross Maxwell, Global Strategy Lead at VT Markets.

"Gold prices briefly retreated from the $4005 zone but continue to attract safe-haven demand as the dollar fluctuates amid mixed policy signals. A move toward $4070 could face resistance unless inflation concerns ease further or global growth data weakens," added Maxwell.

The recent correction in gold and silver prices has put the precious metals at attractive valuations for investors, highlights Harshal Dasani, Business Head, INVasset PMS.

"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," stated Dasani.