🪙 Market Overview
Gold prices in India remained largely unchanged on Sunday, 2 November 2025, reflecting global investors’ cautious stance amid uncertain interest-rate expectations and muted festive-season buying.
According to Moneycontrol’s latest commodity bulletin, 24-karat (24K) gold traded around ₹12,300 per gram, while 22-karat (22K) gold hovered near ₹11,280 per gram. Prices were mostly stable compared to last week’s close, as traders balanced between international headwinds and domestic festival demand.
Bullion analysts note that after the October surge in prices — when gold touched ₹12,500 per gram — the market has now entered a consolidation phase.
“We’re seeing a pause in momentum as investors await U.S. Federal Reserve comments on future rate cuts,” said Anuj Gupta, Head of Commodities at HDFC Securities. “Gold remains range-bound but continues to attract safe-haven flows.”
📈 City-Wise Gold Rates (2 November 2025)
| City | 24K Gold (1 g) | 22K Gold (1 g) |
|---|---|---|
| Delhi | ₹12,310 | ₹11,290 |
| Mumbai | ₹12,295 | ₹11,280 |
| Chennai | ₹12,350 | ₹11,340 |
| Kolkata | ₹12,300 | ₹11,285 |
| Bengaluru | ₹12,280 | ₹11,265 |
(Source: Moneycontrol Commodities Feed, 02 Nov 2025)
🌍 Global Factors at Play
On the global stage, spot gold hovered near US $2,342 per ounce, slightly down from Friday’s close. The U.S. dollar index firmed above 106 points, capping gains in gold futures on the COMEX.
Geopolitical tensions in the Middle East, sluggish Chinese demand, and renewed fears of a global slowdown continue to influence market psychology.
“While inflation data in the U.S. and Europe has cooled, central banks are not rushing to cut rates,” explained Nandini Tiwari, Senior Analyst at Motilal Oswal. “That uncertainty keeps investors parked in gold rather than equities.”
📊 Domestic Drivers
Domestically, jewellers report a mixed demand trend following the Diwali rush. Although footfall remains high, consumers are preferring lighter jewellery pieces or coins instead of heavy sets.
Retailers in Delhi’s Karol Bagh and Zaveri Bazaar, Mumbai, confirmed that gold buyers are price-sensitive and more cautious than last year.
“The ₹12,000 mark acts as a psychological barrier,” said Rakesh Soni, a bullion trader from Mumbai. “If gold crosses ₹12,400 again, demand may dip briefly before picking up ahead of the wedding season.”
The Reserve Bank of India (RBI) continues to add to its gold reserves as part of its diversification strategy — a move analysts interpret as long-term bullish for the metal.
💹 Silver & Other Precious Metals
Silver prices traded mildly lower at ₹143,800 per kg in Delhi markets, following international trends. Platinum and palladium also saw slight corrections as industrial demand softened.
Experts suggest the gold-silver ratio — currently around 80 — indicates relative strength in gold compared with silver.
📆 What to Expect This Week
The next few days could prove decisive for short-term traders.
Key factors to watch include:
The U.S. Federal Reserve’s November meeting minutes
Indian rupee fluctuations against the dollar
China’s upcoming industrial PMI data
Domestic retail demand from South India’s wedding season
“If the rupee weakens below ₹84 against the dollar, gold may climb another ₹300 per gram,” predicted Kunal Shah, Analyst at Nirmal Bang. “However, sustained stability in global yields could limit upside momentum.”
📢 Expert Outlook
Most analysts maintain a neutral-to-bullish stance for the remainder of November.
Technical charts suggest support at ₹12,150 and resistance around ₹12,450 for 24K gold.
Investors looking for short-term profits are advised to monitor MCX Gold December Futures, which traded near ₹73,280 per 10 grams on Friday.
Financial planners also recommend allocating up to 10% of investment portfolios to gold as a hedge against inflation and market volatility.
“Gold continues to prove its worth in uncertain times,” noted Shweta Gupta, founder of Global Wealth Advisors. “Even modest allocations can stabilize portfolios when equities wobble.”
