Gold Rate in India Down Rs 99,700 In 15 Days! Will Prices Fall Ahead of Tariff Hearing, US Data? 3 Nov Outlook

Gold Rate in India: The prices of 24K, 22K, and 18K gold in India have declined sharply over the past few weeks. The massive decline in domestic as well as international gold prices has come as investor sentiment improved due to favourable macroeconomic conditions and geopolitical developments. With the beginning of the new week, investors will be closely observing the gold price movement on Monday, November 3.

The gold rate in India witnessed a sharp surge in the first half of October, breaking back-to-back records within two weeks. However, the record-setting rally was soon followed by a steep correction, with the price of 24-karat gold plunging by Rs 99,700 per kilogram over the past 15 days.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 12,300 per gram on Sunday, November 2. The rate of 22 karat gold in India remained at Rs 11,275 per gram. Whereas, the price of 18 karat gold in India was kept at Rs 9,225 per gram. Gold rate in India dipped last week to fall close to a three-week low mark.

Silver Rate in India

The price of silver remained stable on Sunday. However, the precious metal has seen a sharp decline over the last month. Silver rate in India stood at Rs 152 per gram and at Rs 1,52,000 per kilogram. Silver prices have surged around 60% since the beginning of the year due to strong industrial demand and a supply-side crunch.

Gold, Silver Price Outlook

The price of gold in India may continue to consolidate further next week due to upcoming developments like the US Supreme Court's tariffs hearing and US macroeconomic data. However, some experts believe that the recent price correction has presented a lucrative opportunity for buyers and investors. There could be further upside movement in gold post the recent price correction.

"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," stated Ross Maxwell, Global Strategy Lead at VT Markets.

The release of upcoming manufacturing and services PMI data, US private data, ADP non-farm payroll, consumer sentiment and inflation expectations, and other factors may impact investors sentiment and the gold's safe-haven rally.

"Also in focus will be the tariff hearing in the US Supreme Court on Nov. 5 and any decision, positive or negative, markets may see a significant reaction," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd told PTI.

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