Gold prices slipped to ₹1,21,470 per 10 grams while silver held firm across key Indian cities on November 6. Experts warn gold may test support below ₹1.2 lakh.

In the past few days, gold rallied to a record high in India. Is it getting tired after this run? A Bloomberg compilation of data shows gold was trading at US $3,973.15 per ounce in Singapore early in the morning. 24K is ruling at ₹1,21,470 per 10 grams, 22K at ₹1,11,340 and 18K at ₹91,100. The question is if this is the precursor to a fall below the ₹1.2 lakh level, or if there is support in the market.

Prices based on domestic purity Gold Purity Price (per 10 grams) 24K ₹1,21,470 22K ₹1,11,340 18K ₹91,100

This chart makes it clear that, even after a correction, gold is still trading at very high levels. The past rally had com

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