Fresh Momentum Returns to Gold as Major Cities Record Higher Rates
Gold prices in India have regained upward momentum after a brief dip, with the precious metal climbing steadily across several major cities. On November 1, the bullion trade opened to firmer pricing, signaling renewed investor confidence amid shifting global economic cues.
According to early market data, the price of 24-carat gold in Delhi rose to ₹1,23,440 per 10 grams, marking a noticeable rebound compared to the previous session. The increase comes shortly after a temporary decline caused by a stronger US dollar and easing trade-related tensions between the United States and China. With global uncertainty still prevailing, safe-haven buying has once again strengthened.
The upward push was not limited to the national capital. Several other metros—especially Chennai, Mumbai and Kolkata—also reflected a similar trend. In Chennai, 24-carat gold stood at ₹1,23,290 per 10 grams, while the 22-carat variant settled at ₹1,13,010 per 10 grams. Analysts attribute this broad-based rise to a mix of domestic and international factors that continue to influence price movements.
A report from PTI quoted Sumil Gandhi, Senior Commodity Analyst at HDFC Securities, who noted that despite a positive atmosphere during the recent high-level meeting between US President Donald Trump and Chinese President Xi Jinping, markets remain cautious about long-term strategic competition between the two economic giants. This lingering uncertainty has prompted investors to turn toward gold as a protective asset, boosting demand.
To offer a clearer snapshot of the nationwide pricing landscape, here are the latest gold rates from ten major Indian cities:
| City | 22 Carat (₹/10g) | 24 Carat (₹/10g) |
|---|---|---|
| Delhi | 113160 | 123440 |
| Mumbai | 113010 | 123290 |
| Ahmedabad | 113060 | 123340 |
| Chennai | 113010 | 123290 |
| Kolkata | 113010 | 123290 |
| Hyderabad | 113010 | 123290 |
| Jaipur | 113160 | 123440 |
| Bhopal | 113060 | 123340 |
| Lucknow | 113160 | 123440 |
| Chandigarh | 113160 | 123440 |
Global Cues Driving Domestic Prices
The movement in India’s gold market is closely tied to developments in international economic policy. The US Federal Reserve recently announced a 0.25% cut in its benchmark interest rate, but Fed Chair Jerome Powell signaled that the central bank does not expect further reductions soon. This cautious stance is influenced by limited economic data available due to the ongoing US government shutdown.
In addition, trade dynamics between the US and China continue to be a focal point for global investors. President Trump has reduced tariffs on Chinese goods by 10%, bringing the rate down from 57% to 47%. Both countries have reportedly reached a one-year agreement covering several key issues, including trade and rare earth elements. These developments have had a direct impact on the sentiment in precious metals markets.
Silver Moves in the Opposite Direction
While gold prices have strengthened, silver has slipped, reflecting contrasting behavior between the two key metals. On November 1, the price of silver in India dropped to ₹1,50,900 per kilogram, even as the global spot price edged up slightly to $48.97 per ounce.
This divergence highlights the unique demand and supply dynamics affecting each metal. Investors are currently favoring gold as a hedge against uncertainty, while silver—often influenced by industrial demand—continues to experience softer momentum.
What Lies Ahead?
As global economic signals evolve, analysts expect continued volatility in precious metal pricing. However, with festive and wedding seasons driving domestic demand and global uncertainty remaining elevated, gold is likely to maintain its strength in the near term.
