Big Drop In Gold Prices In Major Cities On November 25; Why Prices Of 24K, 22K, 18k Fell On Monday?

Gold prices in India witnessed a sharp decline on Monday, November 25, after a strong rally last week. Prices of yellow metal dropped massively across 24, 22 and 18 carats. 10 grams of 24K is down by Rs 1,090 to Rs 78,550, nonetheless, is still more expensive than other Western countries and souk markets of the Middle East. Prices of MCX gold and spot gold also fell by 1% to 2%. That being said, silver prices are down too. Let's find out why gold prices have tumbled on Monday.

Gold Prices In India:

24K gold prices declined by Rs 10,900 in 100 grams to Rs 7,85,500, while price has plunged by Rs 1,090 to Rs 78,550 in 10 grams. Yellow metal in 8 grams and 1 gram also dipped by Rs 872 and Rs 109 to Rs 62,840 and Rs 7,855 respectively.

Further, 22k gold prices tumbled by Rs 10,000 to Rs 7,20,000 in 100 grams and fell by Rs 1,000 to Rs 72,000. Also, gold price in 8 grams slipped by Rs 800 to Rs 57,600 and 1 gram is down by Rs 100 to Rs 7,200.

Moreover, 18K gold prices shed Rs 8,200 in 100 grams to Rs 5,89,100, and that of 10 grams of gold dipped by Rs 820 to Rs 58,910. Additionally, 8 grams of gold is lower by Rs 656 to Rs 47,128 and that of 1 gram gold is lower by Rs 82 to Rs 5,891.

Gold Prices In Major Cities:

Gold Prices In Chennai: The price of 100 grams of gold slipped by Rs 10,900 to Rs 7,85,500 in 100 grams. Also, 10 grams of gold is lower by Rs 1,090 to Rs 78,550 in 24K.

Gold Prices In Delhi: Yellow Metal price in 24K tumbled by Rs 10,900 to Rs 7,87,000 in 100 grams, and that of 10 grams gold is down by Rs 1,090 to Rs 78,700.

Gold Prices In Mumbai: 24K gold price of 100 grams gold slipped by Rs 10,900 to Rs 7,85,500 in 100 grams. Also, 10 grams of gold is lower by Rs 1,090 to Rs 78,550.

Gold Prices In Kolkata: Further, gold price in 24K of 100 grams plunged by Rs 10,900 to Rs 7,85,500 in 100 grams. Also, 10 grams of gold is lower by Rs 1,090 to Rs 78,550.

Gold Prices In Bangalore: Here as well, gold price in 24K of 100 grams plunged by Rs 10,900 to Rs 7,85,500 in 100 grams. Also, 10 grams of gold is lower by Rs 1,090 to Rs 78,550.

Gold Prices In Hyderabad: In this southern city, gold prices in 24K of 100 grams plummeted by Rs 10,900 to Rs 7,85,500 in 100 grams. Also, 10 grams of gold is lower by Rs 1,090 to Rs 78,550.

Gold Prices In Ahmedabad: In this city, gold prices fell by Rs 10,900 in 100 grams to Rs 7,86,000 in 24K, while in the same carat, 10 grams of gold shed by Rs 1,090 to Rs 78,600.

Silver Prices In India:

1kg silver prices also tumbled by Rs 500 to Rs 91,500. Further, 100 grams and 10 grams slipped by Rs 500 and Rs 5 to Rs 9,150 and Rs 915 respectively. Moreover, 8 grams was down by Rs 4 to Rs 732 and 1 gram is down by Rs 0.50 to Rs 91.50.

MCX Gold, Silver Prices:

MCX gold prices declined by Rs 1,265 or 1.63% to Rs 76,351 per 10 grams. The bullion ranged from Rs 77,000 to Rs 76,316 per 10 grams. This is for the December 2024 expiry.

Coming to silver, the March 2025 expiry plunged by Rs 1,973 or 2.12% to trade at Rs 91,125 per 1kg. The precious metal ranged from Rs 92,700 to Rs 91,119.

Spot Gold Prices:

On Monday, spot gold touched an intraday low of $2,658.39 an ounce, before trading at $2,663.81 an ounce down by 1.8%. Additionally, US gold futures tumbled to hit an intraday low of $2,684.60 an ounce, before trading at $2,692.95 an ounce lower by 1.61%.

Why Gold Prices Are Down?

Investors have booked profits in gold after its approximately 6% gains last week.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver recorded significant gains last week, with gold rising over 5.0%, marking its largest weekly increase in a year. It also reached a fresh all-time high against the euro, as the euro fell to a two-year low against the U.S. dollar. The escalation of tensions between Russia and Ukraine, highlighted by both nations exchanging long-range missile strikes, supported safe-haven demand for precious metals."

Kalantri added, "The metals also benefited from heightened global uncertainty following Donald Trump's victory in the U.S. presidential elections. However, gains were limited as the dollar index surged to a two-year high, surpassing the 107 mark, while U.S. 10-year bond yields remained steady above 4.40%."

As per Kalantri, gold is finding support at $2,682-$2,667, with resistance between $2,722 and $2,735. Silver has support at $30.82-$30.65, with resistance at $31.28-$31.45. In the Indian market, gold is supported at ₹77,380-₹77,150, with resistance at ₹77,850-₹78,040. Silver's support is at ₹90,050-₹89,450, while resistance lies between ₹91,420 and ₹91,980.