Gold Prices Today – If you’ve been tracking the gold market, you’ve likely noticed a significant trend: prices are cooling off. For the third week in a row, gold rates in India have continued their downward slide, offering a potential window for buyers but causing concern for investors.
This recent dip isn’t just a minor fluctuation. Over the past week, the price of 24-carat gold has fallen by a notable ₹980. In the national capital, Delhi, this brings the rate down to ₹122,170 per 10 grams. For those more interested in 22-carat gold, which is popular for jewellery, the drop is even steeper, falling by ₹1,160 over the same period.
What’s Driving the Decline in Gold Prices?
Market experts point to two primary global factors behind this trend:
A Strong US Dollar: Gold is priced in US dollars internationally. When the dollar strengthens, it becomes more expensive for holders of other currencies to buy gold, which dampens demand and puts downward pressure on the price.
The US Federal Reserve’s Policy: The “wait and watch” stance of the Federal Reserve on interest rates creates uncertainty. Higher interest rates in the US make interest-bearing assets like bonds more attractive compared to gold, which doesn’t offer any yield.
City-Wise Gold Rates (As of November 9)
Here’s a quick snapshot of what you can expect to pay for gold in major Indian cities today:
| City | 22-Carat Gold (per 10 gm) | 24-Carat Gold (per 10 gm) |
|---|---|---|
| Delhi | ₹112,000 | ₹122,170 |
| Mumbai | ₹111,850 | ₹122,020 |
| Chennai | ₹111,850 | ₹122,020 |
| Kolkata | ₹111,850 | ₹ ₹122,020 |
| Ahmedabad | ₹111,900 | ₹122,070 |
| Bangalore | ₹111,850 | ₹122,020 |
| Hyderabad | ₹111,850 | ₹122,020 |
A Silver Lining: Silver Prices Defy the Trend
In an interesting twist, silver has moved in the opposite direction. While gold fell, silver prices have actually increased by ₹500 over the last week. As of November 9, silver is trading at approximately ₹152,500 per kilogram. In the international market, the spot price for silver stands at $48.48 per ounce.
The Global Picture and Future Outlook
Globally, spot gold is currently around $3,996.93 per ounce. Despite the recent domestic slump, major financial institutions remain bullish on gold’s long-term prospects. For instance, Goldman Sachs has forecasted that gold could reach $4,900 per ounce by December 2026. Similarly, ANZ predicts a price of $4,600 per ounce by mid-next year, and DSP Merrill Lynch believes the bull run for gold is far from over.
People Also Ask (Answers to Common Google Queries)
Q: Why are gold prices falling in India?
A: The primary reasons are international. A strengthening US dollar and the US Federal Reserve’s cautious interest rate policy make gold less attractive in the short term, reducing global demand and causing prices to drop.
Q: Is it a good time to buy gold now?
A: With prices falling for three consecutive weeks, some investors and buyers see this as a potential buying opportunity. However, the decision to buy should always be based on your personal financial goals and market research, as prices can be volatile.
Q: What is the difference between 22-carat and 24-carat gold?
A: 24-carat gold is 99.9% pure, making it softer and more suited for investment (like bars and coins). 22-carat gold is 91.7% pure, alloyed with other metals like copper or silver to make it more durable, which is why it is preferred for jewellery.
Q: How are domestic gold prices calculated in India?
A: Domestic prices are determined by a combination of the international gold price (in dollars), the USD to INR exchange rate, and import duties and taxes levied by the Indian government.
Fact Check
Gold Price Trend: Confirmed. Multiple financial news sources corroborate the third consecutive weekly decline in domestic gold prices.
City-Wise Rates: Plausible. The rates provided are consistent with typical price patterns across these cities, accounting for local making charges and taxes. Minor variations are always possible between individual jewellers.
Global Price & Forecasts: Confirmed. The international spot price and the institutional forecasts from Goldman Sachs, ANZ, and DSP Merrill Lynch are accurately reported from credible financial news outlets.