Gold Rate in India At Rs 1.25 Lakh; After 24k And 22k, Will 18K Join The Rs 1 Lakh Club? 17 Nov Outlook

Gold Rate in India: Gold prices witnessed considerable volatility last week amid uncertainty over the US government shutdown and rising geopolitical tensions. After a steep correction from record highs, both gold and silver have been gradually recovering over the past week, with many analysts viewing this rebound as a potential foundation for the next rally. With demand staying firm, all eyes are now on how gold and silver will move on Monday, November 17.

The price of 24 karat gold in India remained close to Rs 1.25 lakh per 10 gram, 22 karat gold was also hovering above Rs 1 lakh mark. The precious metal remains in demandgol among investors as well as retail jewellery buyers.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 12,508 per gram on Sunday, November 16. Whereas, the rate of 22 karat gold in India remained at Rs 11,465 per gram. Likewise, the rate of 18 karat gold in India stood at Rs 9,381 per gram.

Silver Rate in India

The price of silver in India remained stable on Sunday. Silver rate stood at Rs 169 per gram and at Rs 1,69,000 per kilogram. The price of silver in India is closel tracked by investors because of the precious metal's high industrial demand and limited supply.

Gold, Silver Rate MCX

Gold future with December expiry closed higher at Rs 1,26,751 per 10 gram on Friday, November 17. Whereas, the silver futures with December expiry stood at Rs 162470 per kilogram. The international gold prices on Friday declined marginally but remained near $4,100 per ounce, as per Trading Economics.

Gold, Silver Price Outlook

The price of gold and silver are likely to remain volatile and may see some upward moment. However, a sharp jump in gold rates is unlikely to take the 18 karat gold rate above Rs 1 lakh (per 10 gram today. In the long-run gold and silver prices are likely to rise due to their safe-haven demand, expectations of US Fed rate cut in December and other reasons.

"While the Gaza conflict has subsided, geopolitical risk remains high due to the ongoing war between Russia and Ukraine, as well as the growing strategic split between the United States and China. This maintains safe-haven demand and helps to support gold prices. The recent decline appeared to be a pure correction, with long-term structural forces soon propelling the price back up again," stated Justin Khoo, Senior Market Analyst - APAC, VT Markets.

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