Gold rates in India crashed massively on November 4th across major carats ahead of the Guru Nanak Jayanti festival. On Tuesday, the 24 carat gold price in 10 grams and 100 grams dropped by Rs 710 and Rs 7,100 respectively. 22-carat and 18 carat gold prices are down significantly. A similar trend is seen in silver ratesas well, with the 1 kg price declining by a whopping Rs 3,000. Investors' focus is expected to be on key macroeconomic data releases along with expectations of US-China and US-India trade talks. These factors are expected to keep gold prices volatile.
10 grams gold price dropped by Rs 710 to Rs 1,22,460, while 100 grams gold plunged the most by Rs 7,100 to Rs 12,24,600. Further, 8 grams and 1 gram gold rates dipped by Rs 568 and Rs 71 to Rs 97,968 and Rs 12,246 respectively.
22 Carat Gold Prices:
In case of 22 carat, 10 grams gold price is down by Rs 650 on November 4 to Rs 1,12,250 and 100 grams gold tumbled by Rs 6,500 to Rs 11,22,500. The price of 8 grams gold is lower by Rs 520 to Rs 89,800 and 1 gram gold edged down by Rs 65 to Rs 11,225.
18 Carat Gold Prices:
Under 18 carat, 10 grams gold plummeted by Rs 5,400 to Rs 91,840 and 100 grams gold plunged by Rs 5,400 to Rs 9,18,400. Also, 8 grams gold price slipped by Rs 432 to Rs 73,472 and 1 gram gold price is down by Rs 54 to Rs 9,184.
Silver prices in India also declined on November 4. The price of 1Kg silver is down by Rs 3,000 to Rs 1,51,000. While the price of 100 grams and 10 grams silver stood at Rs 15,100 and Rs 1,510. The cheapest silver is of Rs 151 per 1 gram.
What Is Impacting Gold & Silver Prices?
As per Rahul Kalantri, VP Commodities, Mehta Equities, gold and silver witnessed heightened price volatility and struggled to sustain gains at higher levels, pressured by the firm dollar index. The greenback climbed to a three-month high amid uncertainty surrounding U.S. Federal Reserve policy and weakness in the euro, weighing on precious metal prices.
The expert added that also ongoing geopolitical tensions, global economic uncertainty, and consistent central bank buying continue to provide underlying support for gold and silver.
MCX Gold Price + MCX Silver Price:
MCX gold price with December expiry, dropped by Rs 959 or 0.8% to Rs 1,20,450 per 10 grams, at the time of writing. The bullion ranged from Rs 1,20,802 to Rs 1,20,970 respectively in the latest trade.
Also, MCX silver price with December 2025 expiry, nosedived by Rs 1,753 or 1.19% to trade at Rs 1,46,005 per 1Kg. Silver price traded between an intraday high and low of Rs 1,47,230 to Rs 1,46,466 per 1Kg on Tuesday.
Gold & Silver Prices Outlook Ahead:
"With the ongoing US government shutdown limiting key economic data releases, focus this week will remain on Manufacturing and Non-Manufacturing PMI readings. Meanwhile, developments in US-China and US-India trade talks are expected to keep gold prices highly volatile within a range of Rs 1,18,000-Rs 1,24,000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Additionally, Kalantri said, "Gold has support at $3950-3920 while resistance at $4035-4065. Silver has support at $47.20-47785 while resistance is at $48.30-48.70. In INR gold has support at Rs1,20,870-1,20,480 while resistance at Rs1,21,890-1,22,300. Silver has support at Rs1,46,450-1,45,750 while resistance at Rs1,48,340, 1,49,280."
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