Gold Rate in India: Gold prices witnessed a sharp correction on Tuesday, pulling the 24-karat rate below Rs 1.24 lakh per 10 grams as Indian investors turned cautious ahead of key US economic data.
Silver prices also retreated, reflecting the overall weakness in precious metals. As the ongoing wedding season will continue to boost domestic demand for gold and silver prices, all focus will be on their movement on Wednesday, November 19.
A host of factors will influence the investors sentiment around the precious metals on Wednesday including the release of Federal Open Market Committee, and the upcoming US jobs data. Back in India, the domestic currency’s performance will be another factor impacting the precious metals’ prices.
Gold Rate in India
The rate of 24 karat gold in India declined by Rs 174 per gram to Rs 12, 366 per gram on Tuesday at 4:40 pm. The rate of 22 karat gold in India fell by Rs 160 per gram to Rs 11,335 per gram. Likewise, the rate of 18 karat gold in India slipped by Rs 131 per gram to Rs 9,274 per gram.
Silver Rate in India
The price of silver in India saw a minor decline. The rate of silver fell to Rs 162 per gram and to Rs 1,62,000 per kilogram. Silver saw a sharp jump in its prices since the beginning of he year 2025 due to strong industrial demand and supply side bottlenecks.
Gold, Silver Rate MCX
MCX Gold futures with December expiry remained at Rs 1,22,005 per 10 gram on Wednesday, November 18 at 4:50 pm. Whereas, the silver futures with December expiry stood at Rs 1,53,875 per kilogram. Meanwhile, the international gold prices remained at $4,300 per ounce on Tuesday, as per Trading Economics.
Gold, Silver Price Outlook
Gold and silver price on Wednesday are likely to remain volatile as investors will track cues for Fed stance for December rate cut. In the long-term gold and silver prices are likely to remain strong due to trade tensions and geopolitical uncertainty.
“Gold prices have dipped marginally, which is indicative of the volatility seen in recent weeks. Demand for gold is still adjusting ahead of peak wedding season, even though global cues are staying constant. Given that the overall outlook for gold remains stable, investors may want to take advantage of this slight correction to enter the market gradually,” stated Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.