Gold price today, November 2: Check 24K, 22K, 18K rates in your city - Delhi, Mumbai, Chennai, Kolkata, Bengaluru, and more

Gold holds ground after sharp correction; investors watch US Fed, trade signals

Gold prices in India held steady on Sunday, November 2, with 24-karat gold priced at Rs 12,300 per gram, 22-karat at Rs 11,275 per gram, and 18-karat at Rs 9,225 per gram, according to Goodreturns data.

After touching a record high of Rs 13,27,700 per kilogram (Rs 13,277 per gram) on October 17, the yellow metal has cooled off by nearly Rs 1 lakh per kilogram in just two weeks, reflecting a global correction amid shifting policy and market cues.

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Analysts cited by Goodreturns say gold is currently in a consolidation phase after a sharp two-week correction, triggered by changing global dynamics and profit-booking following record highs.

The US Federal Reserve’s second rate cut of 2025 has boosted liquidity but left markets uncertain about the pace of future policy easing.

A stronger dollar and improving US-China trade relations are capping further gains in gold.

Domestic demand remains steady with the festive and wedding season supporting retail sales.

“Gold has retreated from the $4,005 zone but continues to attract safe-haven demand. A move toward $4,070 may face resistance unless inflation pressures ease,” said Ross Maxwell, Global Strategy Lead at VT Markets.

Silver showed mild gains on Saturday, trading at Rs 152 per gram or Rs 1,52,000 per kilogram, marking a small recovery. Despite short-term softness, silver has surged over 60% in 2025, driven by industrial and investment demand.

On the MCX (Multi Commodity Exchange):

Gold (December futures) closed at Rs 1,21,508 per 10 grams.

Silver (December futures) ended at Rs 1,48,287 per kilogram.

Experts told Goodreturns that the next few days could be crucial for gold. A weaker US dollar, any escalation in geopolitical tensions, or renewed global uncertainty could spark another rally.

On the other hand, stronger economic data or a stable Fed policy stance may extend the current sideways movement.

Still, for long-term investors, gold remains an effective hedge against inflation and currency volatility, particularly in India where cultural and festive demand keeps the metal in focus year-round.