Gold and silver prices in India softened at the start of the week, reflecting a shift in market sentiment as investors grew doubtful about the chances of a policy rate cut in the upcoming RBI meeting. After several weeks of steady gains, bullion prices showed a mild pullback, signalling a more cautious mood among traders.
In the domestic market, 24-carat gold was quoted at around ₹1,23,146 per 10 grams for 999 purity in the evening trade on November 21. The metal had touched its recent peak earlier in the month, climbing to ₹1,26,554 per 10 grams on November 13, before gradually cooling. The latest decline suggests that buyers are now waiting for clearer cues from the central bank on whether monetary conditions will ease next month. A rate cut typically boosts gold demand by lowering opportunity costs, but the fading likelihood of such a move has slowed retail and wholesale interest.
Globally, the sentiment was also muted. Gold prices in the international spot market hovered close to US$4,056 per ounce, slipping slightly from the previous session. This global softness added to the downward pressure seen in domestic benchmarks.
Silver followed a similar direction but showed a sharper drop. Widely used in both industry and jewellery, silver was priced at ₹1,51,129 per kilogram for 999 purity in the evening session on November 21. This marked a significant fall from the afternoon price, where it traded near ₹1,55,840 per kilogram, indicating nearly a 2% decline within hours. In the global market, silver was trading just above US$50 per ounce, staying relatively subdued.
The combined movement of gold and silver highlights how sensitive bullion markets have become to policy expectations. With inflation still being watched closely and global monetary trends shifting, traders appear unwilling to take aggressive positions until the RBI clarifies its stance.
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