Gold prices in India jumped sharply on November 6, rebounding from a one-week low as safe-haven buying returned amid rising political tensions in the United States and strong physical demand from China and Australia. The 24-carat gold rate climbed close to Rs 1.22 lakh per 10 grams, marking one of the steepest single-day gains this month.
Gold Prices See Strong Rebound Across Carats
The rally was led by 24-carat gold, which gained Rs 430 to reach Rs 1,21,910 per 10 grams. For bulk buyers, 100 grams of 24-carat gold rose by Rs 4,300 to Rs 12,19,100. Even smaller quantities saw a price rise, with 8 grams up by Rs 344 to Rs 97,528, and 1 gram higher by Rs 43 to Rs 12,191.
Under 22-carat gold, popular for jewelry making, prices jumped by Rs 400 to Rs 1,11,750 for 10 grams, while 100 grams cost Rs 11,17,500 after an increase of Rs 4,000.
The 18-carat segment, favored in lightweight ornaments, also recorded gains. The price of 10 grams rose by Rs 320 to Rs 91,430, while 100 grams climbed by Rs 3,200 to Rs 9,14,300.
The table below summarizes the latest gold prices:
| Carat Type | Quantity | Previous Price (Rs) | Current Price (Rs) | Change (Rs) |
|---|---|---|---|---|
| 24 Carat | 10 grams | 1,21,480 | 1,21,910 | +430 |
| 22 Carat | 10 grams | 1,11,350 | 1,11,750 | +400 |
| 18 Carat | 10 grams | 91,110 | 91,430 | +320 |
Gold prices in India are showing a steady upward trend across all purity levels, supported by both domestic and international factors.
Silver Prices Follow Gold’s Uptrend
Silver joined the rally, reflecting renewed investor interest in precious metals. On November 6, the price of silver rose by Rs 1,000 per kilogram to Rs 1,51,000. The smaller quantities also witnessed proportional increases, with 100 grams priced at Rs 15,100 and 10 grams at Rs 1,510.
Analysts said that while gold typically benefits from uncertainty, silver often mirrors gold’s direction during periods of rising global demand and weaker confidence in equities. The recent uptick shows investors seeking safe alternatives amid currency volatility.
Why Gold and Silver Prices Are Rising
According to commodity analyst Rahul Kalantri, the surge in gold and silver prices is largely driven by political uncertainty in the United States, following a surprise loss by the U.S. President’s party in the New York City mayoral elections. The result has raised concerns ahead of the mid-term polls, increasing the appeal of safe-haven assets like gold and silver.
Strong physical demand from China and Australia has also provided a solid base for the rally. Demand in China has been rising due to a mix of seasonal buying and economic caution. Meanwhile, jewelers in India have reported a pickup in orders ahead of the wedding season, further tightening supply.
However, the uptrend has been partly capped as the U.S. dollar index crossed the 100 mark, its highest level in three months. A stronger dollar makes gold more expensive for holders of other currencies, limiting sharp gains in bullion.
Global Spot Prices and Market Outlook
Spot gold traded near $3,980 per ounce, maintaining a narrow range around its four-week low. Spot silver hovered around $48.3 per ounce, buoyed by stronger-than-expected U.S. employment data that showed a 42,000 increase in ADP non-farm payrolls against expectations of 32,000.
At the domestic level, MCX gold (December futures) traded at Rs 1,20,703 per 10 grams, up by Rs 181 or 0.15 percent. MCX silver (December futures) climbed by Rs 360 or 0.24 percent to Rs 1,47,681 per kilogram. Both commodities were near their intraday highs, signaling firm investor sentiment.
Kalantri noted that in international markets, gold has support at $3,900 and resistance near $4,055, while silver’s support lies around $47.15 and resistance near $48.70. In rupee terms, gold finds support near Rs 1,19,870 and resistance close to Rs 1,21,600.
Should Investors Buy or Wait?
Market experts remain cautiously optimistic. Analysts at Nirmal Bang suggested that traders could consider buying gold at Rs 1,20,200 with a stop loss of Rs 1,19,500 for a target of Rs 1,22,000. For silver, they recommended a buy at Rs 1,46,000 with a stop loss at Rs 1,44,000 for potential gains up to Rs 1,50,000.
However, investors are advised to watch global cues closely, especially U.S. political developments, employment data, and currency movements. Rising U.S. bond yields or a stronger dollar could limit the upside in bullion.
In essence, gold remains a hedge against uncertainty, while silver’s dual role as an industrial and investment metal may offer additional volatility.
As global and domestic markets remain on edge, Indian investors are closely tracking the movement of precious metals. For many, gold continues to symbolize both safety and opportunity. What do you think about the recent surge in gold and silver prices? Share your views and join the discussion with your friends on social media.
