Gold Prices Stay Strong Amid Wedding Season Demand — Is It the Right Time to Buy?

Gold continues to glitter as festive and wedding season demand boosts prices across India, supported by firm global cues. However, with gold already hovering near record highs, investors are wondering whether it’s time to buy or wait for a correction.

💰 Gold and Silver Prices Rise Again

Gold prices surged nearly 1% on Tuesday, November 11, while silver followed suit with strong gains. On the Multi Commodity Exchange (MCX), December gold futures rose 0.94% to ₹1,25,131 per 10 grams, and silver December contracts climbed 1.16% to ₹1,55,475 per kg.

By the end of trading, gold settled slightly lower at ₹1,24,915 (up 0.76%), and silver at ₹1,55,344 (up 1.08%).

🌍 Global Trends Support the Rally

According to market experts, the rise is driven by mixed global sentiment surrounding the possible resolution of the US government shutdown.

Ross Maxwell, Global Strategy Lead at VT Markets, explained,

“Normally, reduced uncertainty would strengthen the USD and lower safe-haven demand for gold. But this time, gold remains bullish — possibly because markets expect higher fiscal spending, rising US debt, and a weaker dollar in the medium term.”

🇮🇳 Festive and Wedding Season Boosts Demand

In India, the peak wedding season and ongoing festive celebrations are further fueling gold demand. Domestic prices are also affected by the Indian rupee’s performance — a weaker rupee makes imported gold more expensive.

Maxwell added,

“Indian gold prices typically mirror international trends but are influenced by the rupee exchange rate and local buying sentiment. A stable or slightly weaker rupee will likely support higher prices.”

📈 What’s Next for Gold Prices?

Experts maintain a cautiously bullish outlook for gold in the near term.

Maxwell noted,

“If the global rally continues and the rupee remains stable or weakens, prices could reach ₹1,26,000 per 10 grams.”

However, he also warned of a possible pullback:

“If US bond yields rise and the dollar strengthens, prices may correct to ₹1,10,000, with strong support near ₹1,00,000.”

💍 Buyers Stay Interested, but Prices May Dampen Jewellery Sales

While investor sentiment and wedding-related demand are keeping the market firm, record-high prices might slow jewellery purchases.

“The overall outlook remains moderately positive,” Maxwell concluded, “driven by festive demand and supportive global cues, though high prices could test buyer enthusiasm.”