Gold Rate in India Sees Another Drop! Silver Follows; Can Prices Finally Break Below Rs 1 Lakh? 6 Nov Outlook
Gold Rate in India: Gold prices witnessed a sharp decline across 24K, 22K, and 18K categories on Wednesday, November 5, as the nation celebrated Guru Nanak Jayanti.
The sudden correction in gold rates has sparked expectations among investors that 24-karat gold could soon slip below the Rs 1.2-lakh mark. As trading resumes on Thursday, November 6, all eyes will be on the movement of gold and silver prices for fresh cues on market direction.
The gold rate in India has witnessed a sharp correction since the Diwali celebration in mid-October. Till then, gold’s relentless rally led to a nearly 60% surge in the prices since the beginning of the year. Similarly, silver price rally has resulted in around 65% surge in the prices of the precious metal.
Gold Rate in India
The price of 24 karat gold in India declined on Wednesday to Rs 12,148 per gram. Whereas, the price of 22 karat gold in India fell from around Rs 90 per gram to Rs 11,135 per gram. Likewise, the rate of 18 karat gold in India slipped from around Rs 73 per gram to Rs 9,111 per gram.
Silver Rate in India
The price of silver in India followed the trend for gold on Wednesday and saw further correction. Silver rate in India on Wednesday declined to Rs 150.5 per gram and to Rs 1,50,500 per kilogram. Silver rate in India has surged around more than 60% since the beginning of the year 2025.
Gold, Silver Price Outlook
The price of gold in India may see further decline as the international gold prices continued to hover below $ 4,000 per ounce on Wednesday. According to experts, gold price’s correction below $4,000 mark could lead to further profit booking among investors.
In the long-term gold prices will depend on a host of international developments including India-US trade negotiations, progress in US-China discussions, US trade tariff hearing, and release of key macroeconomic data.
“Any extended trade tensions or inconclusive deals could boost gold as investors seek safety amid the uncertainty. With the FED maintaining a cautious stance and the possibility of further rate cuts if economic data weakens, the opportunity cost of holding gold falls, while a softer USD would support higher prices. If investors feel that any trade agreements fail to resolve underlying issues, then this could increase demand for gold as a hedge against instability,” explained Ross Maxwell, Global Strategy.
Can Gold Fall Below Rs 1 Lakh Mark?
While investors have expressed that gold prices may see some corrections in the coming days, however, it is unlikely that the precious metal will fall below the record Rs 1 lakh mark.
However, gold prices may fall below Rs 1,24,873 per gram in the coming days if supported by positive developments related to trade diplomacy, highlighted Maxwell.
“A decisive breakthrough in trade talks, especially if the US comes to credible agreements with China and India, could ease risk aversion, which in turn strengthens the USD, and would reduce gold’s appeal. Analysts also warn that gold may be overbought in the short term, suggesting limited upside without fresh catalysts. The potential for gold to move past $1,409.96 depends on how trade diplomacy unfolds and how the FED responds to shifting economic signals. If negotiations falter or global uncertainty deepens, gold could break higher,” explained Maxwell.
“The longer-term outlook for the metal remains constructive. Central banks which have turned to be the largest source of demand, continue to accumulate gold as part of their reserve diversification amid gradual move away from heavy reliance on the US dollar. This sustained buying outlays a structural shift in global asset allocation trends, maintaining gold’s relevance as a store of value as well as positive outlook for price appreciation in a longer horizon,” stated Puneet Singhania, Director at Master Trust Group.
