Fresh Fall in Gold Prices Today, Nov 27: Bangalore, Chennai, Hyderabad See Sharp Decline; Silver Prices Surge

After two consecutive days of sharp gains in gold prices, the yellow metal saw a steep correction today in cities like Bengaluru, Chennai, and Hyderabad, a welcome relief for buyers planning to purchase gold during the wedding season.
In the international market, spot gold slipped 0.5% to $4,145.08 per ounce, according to Reuters. The market is now looking forward to the December U.S. Federal Reserve rate cut, amid mixed signals from Fed officials.

What Is Impacting Gold Prices Domestically and Globally?

"Gold and silver prices are dancing to the tunes of Fed rate-cut bets," said Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd., President of the India Bullion & Jewellers Association (IBJA).

He added that dovish remarks by Fed governors have revived hopes of a December rate cut, pushing gold to its highest level in more than a week despite a strong U.S. dollar. Fed Governor Christopher Waller recently noted that the U.S. labour market is weak enough to justify another 25 bps rate cut in December, although further decisions would depend on upcoming economic data delayed by the government shutdown.

According to the CME FedWatch Tool, investors now expect an 81% probability of a December rate cut, sharply up from 40% last week.

Market attention has shifted to retail sales, PPI data, and weekly jobless claims, which are expected to offer more clarity on the U.S. economic outlook and the Fed's next move.

Kothari further noted, "Gold is trading between $4,000 (Rs 121,000) and $4,200 (Rs 127,000). Traders should buy on dips near support levels and sell on rallies near resistance. Silver remains in the $49 (Rs 150,000) to $53 (Rs 160,000) range, with a similar buy-on-dips and sell-on-rallies strategy."

Gold Rate in Bangalore Today

On November 27th, the 24-carat gold rate in Bengaluru slipped by Rs. 160 to cost Rs. 127,750 per 10 grams. While the 22-carat gold prices in Bengaluru today fell by Rs. 150 and are currently retailing at Rs. 117,100 per 10 grams. Similarly, the 18-carat gold rate today also dropped by Rs. 120 per 10 grams to cost Rs. 95,810.

Gold rate in Chennai today

The 22-carat gold rate in Chennai slumped by Rs 300 per 10 grams, bringing the price lower to Rs 128,400 per 10 grams. Meanwhile, the 24-carat gold price in Chennai fell by Rs. 330, now retailing at Rs. 117,700 per 10 grams. The 18-carat gold also saw a drop of Rs. 300 per 10 grams, currently priced at Rs. 98,150.

Gold rate in Hyderabad today

On November 27th, gold prices in Hyderabad also fell across all purity levels. The 22-carat gold rate in Hyderabad dipped by Rs. 150 per 10 grams and is now priced at Rs. 115,350 per 10 grams. Meanwhile, the 24-carat gold price in Hyderabad today surged Rs. 1860, bringing the rate to Rs. 125,840 per 10 grams. Even the 18-carat gold rate in Hyderabad saw a rise of Rs. 1390, currently retailing at Rs. 94,380 per 10 grams.

Silver Prices in Chennai Today

Silver prices in Chennai today jumped for the third consecutive time, as 1 kg of silver in Chennai costs Rs 180,000 after rising by Rs 4000. While 100 g of silver rates in India currently cost Rs 18,000.

Silver Prices in Bangalore Today

Similarly, Bangalore silver prices today also surged. On November 27th, 1 kg of silver in Bangalore cost Rs. 173,000, which jumped by Rs. 4000. While 100 g of silver rates in India cost Rs 17,300.

Silver Prices in Hyderabad Today

The silver rate in Hyderabad today spiked by Rs. 4000 per kg as of today, 1 kg of silver in Hyderabad retails at Rs. 1,80,000. While 100 g of silver rates in India cost Rs 18000.

MCX Gold & Silver Price Today

On the Multi-Commodity Exchange (MCX), gold futures set to expire on December 5 were trading lower in early trade. Gold prices slipped 0.43% to Rs 125,384 per 10 grams as of 11:34 AM.

Silver futures also edged down slightly, declining 0.05% to Rs 161,192 per kg around the same time.

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