Gold rate prediction: Gold price prediction: Gold rate eyes annual gain since 1979 but experts warn of corrective phase in November

Although gold prices are expected to remain in the correction phase next week, the gold rate has been on track for annual increases for over four decades, bullion experts said. Gold is heading for its third consecutive weekly loss after retreating 10 percent from its record high above USD 4,390, but it has continued to rise more than 50 percent since the beginning of the year, its strongest performance since 1979.

Experts added that bullion dealers will also closely monitor the comments of US Federal Reserve officials to ensure clarity on the monetary policy outlook, and this is likely to determine the direction of bullion prices in the short term.

Gold prices are expected to see some consolidation or further correction due to the US Supreme Court hearing on tariffs, speeches from Fed officials and focus on Chinese data, said Pranav Mer, Vice President, Commodity and Currency Research – EBG, JM Financial Services Ltd.
Prathamesh Mallya, DVP, Research, Non-Farm Commodities and Currencies, Angel One, said gold has been on track for annual gains since 1979 and if current fundamental factors are in place, volatility could lead to further rises in gold prices soon.

In the international market, Comex gold futures for December delivery rose US$13.3, or 0.33 per cent, last week to settle at US$4,009.8 per ounce on Friday.

Gold has been around USD 4,000 per ounce this week, stabilizing after sharp swings caused by changing expectations for US monetary policy and labor market data. It briefly gained ground after reports showed U.S. firms announced the largest job cuts in more than two decades in October, said Riya Singh, Commodity and Currency Research Analyst at Emkay Global Financial Services. However, mixed signals from Federal Reserve officials and the absence of key inflation data due to the ongoing U.S. government shutdown have dampened optimism, he added. Singh attributed this increase to interest rate cuts and the central bank’s persistent purchases, which have exceeded 600 tons so far. 2025 and steady inflows into gold-backed exchange-traded funds.

FAQ

Q1. Why is the price of silver increasing?
A1. “Silver has stabilized above the US$48 per ounce level, supported by safe-haven demand amid US government shutdown concerns and shifting expectations on the Federal Reserve’s policy path,” said Riya Singh, Commodity and Currency Research Analyst at Emkay Global Financial Services.

Q2. Why is silver getting more expensive?
A2. Washington’s addition of silver, along with copper and uranium, to its official list of critical minerals marked a significant policy change. This addition would bring the total number of critical minerals to 60 and could lead to new tariffs and trade restrictions under the administration’s Section 232 investigation.