CHENNAI: Gold prices in India spent the week moving in a narrow but noticeable pattern — starting with a dip, stabilising mid-week, and ending with a mild recovery.
The week opened weak. On November 18, gold slipped as post-festival demand eased. Prices for 24-carat gold were around Rs 12,366 per gram, while 22-carat and 18-carat also traded lower. This initial decline set the tone for a quieter start to the week.
On November 19, prices picked up slightly. Gold gained a small amount across all purity levels, showing that the selling pressure had begun to ease. But the momentum didn’t last long — by November 20, prices softened again, with 24-carat gold hovering around the Rs 12,470–12,490 range in major cities. Market reports showed only small variations across metros, as the broader trend remained flat.
The mood shifted on November 21, when gold began to firm up. Prices rose modestly, supported by a more stable global backdrop and a slight improvement in safe-haven buying. By this point, the earlier weakness had mostly been absorbed.
On November 22, the upward move became clearer. Although city-wise prices varied due to local taxes and premiums, the overall direction was positive, with 24-carat gold showing a mild but steady climb.
Several factors shaped the week’s movement. Global uncertainty and shifting expectations around US interest rates kept investors cautious but still interested in gold as a safety play. The rupee’s weakness also mattered — as the currency slipped, the cost of importing gold rose, helping push domestic prices upward toward the end of the week. At the same time, jewellery demand stayed moderate, which kept the rally from becoming stronger.
Overall, the week showed gold finding its balance after an early drop. The late-week recovery suggests buyers were returning gradually, watching currency moves and global signals before making big commitments.