Gold prices in India were unchanged on Sunday, November 17, with 24K of 10 grams at Rs 75,650. Silver prices also followed a similar trend and stood at Rs 89,500 for 1 kg. Gold prices across major cities also were firm. Gold and silver both have consolidated significantly since the US Election in 2024 when Donald Trump returned to the White House. The reason is due to a sharp surge in dollar and treasury yields, as investors' expectation of an aggressive rate cut from the Federal Reserve has dulled down.
Gold Prices In India:
24k gold price in 10 grams is at Rs 75,650, while 100 grams price is at Rs 7,56,500, 8 grams price at Rs 60,520, and the cheapest gold in this carat is Rs 7,565.
22k gold price stood at Rs 69,350 in 10 grams, and at Rs 6,93,500 in 100 grams. While gold in 8 grams and 1 gram is at Rs 55,480 and Rs 6,935 respectively.
18K gold price came in at Rs 56,740 in 10 grams, at Rs 5,67,400 in 100 grams, at Rs 45,392 in 8 grams and at Rs 5,674 in 1 gram.
Gold Prices In Cities On November 17:
Gold is more expensive in cities like Delhi, Ahmedabad and Vadodara compared to cities like Kerala, Mumbai, Pune, Bangalore, Chennai, Kolkata, and Hyderabad.
The price of 1 kg silver is Rs 89,500, while silver is available at Rs 8,950 for 100 grams and at Rs 895 for 10 grams. Also, 8 grams of silver is priced at Rs 716, and the cheapest silver is at Rs 89.50.
Gold, Silver Prices Last Week:
According to SMC Global Securities, the commodities market witnessed a notable decline last week, mainly due to a surge in the U.S. dollar index driven by optimism surrounding Trump-era policies, which closed around the 335 level. Gold faced a sharp drop, breaking the $2600 level, marking a decline of over $235 in the past three weeks from its record high. On MCX, it saw a decline of more than 3000 points within a single week despite in-line US inflation data supporting bets for a December Federal Reserve rate cut.
MCX Gold, Silver Prices:
MCX gold price is at Rs 74,031 per 10 grams. The bullion is of December expiry. While MCX silver with December expiry is at Rs 88,505 per 1kg.
Spot Gold, US Gold Futures:
Gold prices fell to a two-month low on Thursday, pressured by a strong dollar rally, though traders have not lost confidence in a December rate cut following the latest U.S. economic data, as per Reuters report. Spot gold fell to $2,561.24 per ounce, touching its lowest level since Sept. 12. U.S. gold futures were down to $2,570.10 per ounce.
Giving an outlook ahead, Forex.com analyst Fawad Razaqzada told Reuters in a note that gold could benefit if Powell avoids directly linking potential policy shifts to the Fed's decisions, as this could dampen U.S. rate expectations.
Last week, US Federal Reserve's chair Jerome Powell signalled that there was no hurry in cutting rates as strong US economic growth is going to allow FOMC to take its time in deciding how far and how fast key federal fund rates could be lowered.
In his speech to business leaders in Dallas, on Thursday, Powell said that the current state of the economy is not sending any signals that the US central bank needs to be in a hurry to lower rates.
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