BIG GOLD PRICE CRASH! Gold Rate In India Loses Rs 21,800 In A Day On November 12; Check Fresh Rates

Gold prices in India today recorded a sharp decline, bringing joy to gold enthusiasts and buyers.The 22-carat gold rate today fell by approximately Rs. 2,000 per 10 grams,and is the third major drop this week. With gold rate today dropping in India, many consumers are expected to take advantage of the lower rates and make fresh purchases of gold jewellery and coins. The cheaper gold prices today may boost overall gold demand in India.

In the global market, Gold held below $4,000 an ounce this morning after sliding for two straight sessions, as a stronger US dollar weighed on the precious metal.

According to Trading Economics, "The dollar gained support from hotter-than-expected US inflation figures and increasingly hawkish comments from Federal Reserve officials, reinforcing expectations of further interest rate increases. Fed Governor Christopher Waller indicated that a 50-basis-point hike in December may be necessary, while Dallas Fed President Lorie Logan supported at least two additional 25-basis-point increases to address persistent inflationary pressures."

Gold Rate in India Today

As of today, 12th November, the 22-carat gold rate in India declined by Rs. 2000 per 10 grams to cost Rs.1,28,150 per 10 grams. While the 24-carat gold prices today fell by Rs. 2180 and are currently retailing at Rs.1,39,800 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs. 1640 per 10 grams to cost Rs. 1,04,850.

In a similar manner, the 100 grams of 22-carat gold stand at Rs.12,81,500 after dropping Rs 20,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 13,98,000, which dropped by Rs 21,800.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on December 4 also saw a massive drop and are currently trading at Rs. 1,38,726 after slipping 0.71%. Similarly, silver futures, which are set to expire on December 4th declined today by 1.18% to trade at Rs. 1,82,344 at the time of writing.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this humongous drop in the gold rates today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 12th November.

City	24K Gold	22K Gold	18K Gold
Chennai	Rs 13,980	Rs 12,815	Rs 10,490
Mumbai	Rs 13,980	Rs 12,815	Rs 10,485
Delhi	Rs 13,995	Rs 12,835	Rs 10,500
Kolkata	Rs 13,980	Rs 12,815	Rs 10,485
Bangalore	Rs 13,980	Rs 12,815	Rs 10,485
Hyderabad	Rs 13,980	Rs 12,815	Rs 10,485
Kerala	Rs 13,980	Rs 12,815	Rs 10,485
Pune	Rs 13,980	Rs 12,815	Rs 10,485
Vadodara	Rs 13,985	Rs 12,820	Rs 10,490
Ahmedabad	Rs 13,985	Rs 12,820	Rs 10,490

Silver Rate in India Today

Silver prices in India today stayed stable. 1kg of silver in India costs Rs. 2,00,000. While 100g of silver rates in India cost Rs. 20,000.

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