Gold Rate in India Down Rs 71500 In Week, Silver Slips; Dip Before Rally Or End Of Bull Run? 27-31 Oct Outlook

Gold Rate in India: Gold prices rebounded on Saturday, October 25, ending a seven-day losing streak. Despite this recovery, 24K gold has seen a sharp decline of nearly Rs 71,000 per 100 grams over the past week. As investors gear up for the week ahead, attention will remain on gold and silver price movements, alongside key developments such as the upcoming US Federal Reserve meeting.

For investors who closely track the gold and silver prices movement on a daily basis, her are all the details about gold price weekly outlook and factors that could impact the sentiment around the precious metals.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 12,562 per gram on Saturday, October 25. The 24 karat gold rate has declined by Rs 71,000 (per 100 grams) to Rs 12,56,200 since October 17. Meanwhile, 22 karat gold rate in India surged by Rs 115 per gram to Rs 11,515 per gram. Likewise, the price of 18 karat gold in India jumped by Rs 94 per gram to Rs 9,422 per gram.

Silver Rate in India

The price of silver has witnessed a sharp correction over the past five to ten days. Silver rate in India, on Saturday, October 26, stood at Rs 155 per gram and at Rs 1,55,000 per kilogram. The sharp price correction has come after domestic silver prices surged phenomenally in the first half of October.

Gold, Silver MCX Rates

The international gold rates stood below $4,120 per ounce, according to Trading Economics. Gold futures with December expiry closed at Rs 1,23,451 per 10 grams on Friday. Whereas, silver futures with December expiry closed at Rs 1,47,470 per kilograms. Gold rates on MCX fell during the Friday's session as investors remained cautious ahead of the US inflation report.

Gold, Silver Price Weekly Outlook

The prices of silver and gold witnessed a sharp correction last week. However, the upcoming US Fed meeting on October 28, can significantly impact the investors sentiment and spark another gold price rally. Other than US Fed announcement around rate cut, investors will be closely tracking for cues by US Fed Chairperson Jerome Powell.

Meanwhile, gold and silver will continue to showcase bullish momentum in long-term, according to experts.

"Softer local demand and global financial uncertainty have kept prices under control. For investors looking at gold as a hedge, it remains an option, but the short-term consideration has turned from indiscriminate buying to selective buying. However, for those investing for the long term, gold remains a strong investment option, due to its overall valuation and the upcoming wedding season," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Given gold's recent price correction, there is also a possibility of further short-term correction, noted Ross Maxwell, Global Strategy Lead at VT Markets.

"A firmer dollar or a rise in real yields could trigger a 5-10% short-term correction, especially as gold trades within the key $4,000-$4,400 per ounce psychological zone. For investors, opportunities remain to participate in the metal's long-term story. Digital gold platforms and investment accounts provide convenient, low-entry options, while ETFs such as SPDR GLD offer liquidity and cost efficiency," noted Maxwell.

Silver Price Weekly Outlook

Silver price may showcase volatility in the coming week after strong price correction post massive rally. "The decline is mainly due to profit-taking and weaker industrial demand. Long-term factors, like supply constraints and industrial use, remain strong, but at the moment, the market is looking at consolidation rather than growth. Silver is better at this point as a strategic buffer than a short-term momentum trade," added Kamboj.