Gold rates in India dropped in the start of November month across 24 carats, 22 carats, and 18 carats. 100 grams gold plunged by Rs 2,100 to Rs 2,800, while 10 grams gold was down by Rs 210 to Rs 280 across these carats. On the other hand, silver rates in India climbed from 1Kg to 1 gram. Despite volatility since Diwali, yellow metal ended October with upside of 3%, while silver end the month flat.
10 grams gold declined by Rs 280 to Rs 1,23,000, and 100 gram gold price tumbled by Rs 2,800 to Rs 12,30,000. Further, 8 grams gold is down by Rs 224 to Rs 98,400 and 1 gram gold edged lower by Rs 28 to Rs 12,300.
22 Carat Gold Prices:
Furthermore, in 22 carat, 10 grams gold price fell by Rs 250 to Rs 1,12,750 and 100 grams gold slipped by Rs 2,500 to Rs 11,27,500. Also, 8 grams gold dipped by Rs 200 to Rs 90,200 and 1 gram gold is lower by Rs 25 to Rs 11,275.
18 Carat Gold Prices:
Under 18 carat, 10 grams gold price plummeted by Rs 210 to Rs 92,250 and 100 grams gold nosedive by Rs 2,100 to Rs 9,22,500. Additionally, 10 grams and 1 gram gold slipped by Rs 168 and Rs 21 to Rs 73,800 and Rs 9,225.
Check Gold Prices In Major Cities:
Gold Rates In Chennai:
10 grams gold price stood at Rs 1,23,380 in 24 carat, at Rs 1,13,100 in 22 carat, and at Rs 94,350 in 18 carat.
Gold Rates In Hyderabad:
10 grams gold price is at Rs 1,23,000 in 24 carat, at Rs 1,12,750 in 22 carat, and at Rs 92,250 in 18 carat.
Gold Rates In Mumbai:
10 grams gold price is at Rs 1,23,000 in 24 carat, at Rs 1,12,750 in 22 carat, and at Rs 92,250 in 18 carat.
Gold Rates In Bengaluru:
10 grams gold price is at Rs 1,23,000 in 24 carat, at Rs 1,12,750 in 22 carat, and at Rs 92,250 in 18 carat.
Gold Rates In Delhi:
10 grams gold is available at Rs 1,23,150 in 24 carat, at Rs 1,12,900 in 22 carat and at Rs 92,400 in 18 carat.
Unlike gold, silver prices surged on November 1st. The silver rate stood at Rs 1,52,000 per 1Kg, up by Rs 1,000. Also, 100 grams and 10 grams gold price climbed by Rs 100 and Rs 10 to Rs 15,200 and Rs 1,520 respectively. 8 grams gold is higher by Rs 8 to Rs 1,216 and 1 gram gold is up by Re 1 to Rs 152.
MCX Gold Price + MCX Silver Price
After market hours on October 31st, MCX gold price with December expiry, closed at Rs 1,21,284 per 10 grams, down by Rs 224 or 0.18%.
On contrary, MCX silver with December expiry, closed at Rs 1,48,399 per 1Kg, up by Rs 112 or 0.08%.
Gold & Silver Prices Weekly Outlook For November 2nd to November 8th:
As per analysts at SMC Global Securities, Gold logged its second consecutive weekly loss, pressured by diminishing hopes of U.S. Federal Reserve rate cuts and renewed optimism over a U.S.-China trade truce. The two nations agreed on a one-year deal covering rare earths and critical minerals, with President Trump reducing fentanyl tariffs to 10% and Beijing pledging to limit production and resume U.S. soybean imports. However, uncertainty lingers over the durability of the pact.
Meanwhile, the US dollar held near a three-month high, making gold costlier for overseas buyers.
Despite the weekly decline, the metal remains on track for a monthly gain and has surged nearly 50% this year, supported by strong central bank demand. According to the World Gold Council, central banks purchased 220 tons of gold in Q3, a 28% rise from the previous quarter. Kazakhstan led the buying, while Brazil made its first purchase in over four years.
Thereby, analysts at SMC added, market expectations for a 25-basis-point Fed rate cut in December have dropped to 72.8%, from above 90% a week earlier, as per CME's FedWatch Tool. The market viewed the latest FOMC meeting as hawkish, prompting simultaneous selling in bonds, gold, and equities. In Europe, equities remained subdued after the ECB kept rates steady at 2% for the third consecutive meeting, citing stable inflation and growth. The yield on U.S. 10-year Treasuries rose to 4.085%, its sharpest daily jump since July 11.
For the week ahead, analysts said, "On COMEX, gold faces resistance near $4,380 and support around $3,880, while silver may trade between $45-53. On the MCX, gold is expected to range between ₹1,17,000-₹1,30,000 and silver between ₹1,38,000-₹1,60,000 in the coming week."
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
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