Gold Prices Fall, Nov 30: Big Dip In Yellow Metal Prices After Record Rally

Gold prices India witnessed a sharp decline on November 30. Price of 22 carat of 10 grams gold in India today is Rs 57,500 after the fall of Rs 600. Price of 10 grams of 24 carat yellow metal in the country is Rs 62,730 after the dip of Rs 650. Price of 100 grams of 22 carat gold in India is Rs 5,75,000 after the decline of Rs 6000 and cost of 100 grams of 24 carat yellow metal today is Rs 6,27,000 after the dip of Rs 6,500.

However, 22 carat of 10 grams gold prices surged by Rs 750 to Rs 58,100 yesterday and 10 grams of 24 carat gold got dearer by Rs 850 to Rs 63,380 as MCX gold hit all time high.

Check yellow metal prices for 22 carat and 24 carat in leading metropolitan cities in India:

Gold Price Chennai: The price of 22 carat of 10 grams gold in Chennai is Rs 58,650 and price of 24 carat of 10 grams gold is Rs 63,980.

Gold Price Delhi: The price of 22 carat of 10 grams gold in the national capital is Rs 57,650 and cost of 24 carat of 10 grams yellow metal is Rs 62,880.

Gold Price Mumbai: Cost of 22 carat of 10 grams yellow metal in Mumbai is Rs 57,500 and price of 22 carat of 10 grams gold is Rs 62,730.

Gold Price Kolkata: In Kolkata, you need to shell out Rs 57,500 to buy 10 grams of 22 carat gold and Rs 62,730 to purchase 10 grams of 24 carat gold.

Commenting on the current volatility prevailing in yellow metal prices, Ajay Kedia, Director, Kedia Advisory said, "The volatility in gold prices has increased significantly and the yellow metal has given strong returns in the past few months.We remain bullish on gold and expect the prices to hit new highs of around $2,240 if the volatility continues. We also anticipate the prices can reach $2,400 next year if the fundamentals remain strong."

Gold prices eased on Thursday as the dollar staged a rebound ahead of U.S. inflation data, although bullion was heading for its second monthly rise boosted by hopes that the Federal Reserve would cut interest rates soon. Bullion is up 2.8% so far this month after rising 7.3% in October, according to a Reuters report.

"The downside risk for gold now is the idea that the declines being seen in the pace of inflation start to slow and those rate cut bets get pared back as inflation becomes stickier," Michael Hewson, chief market analyst at CMC Markets, said.

Meanwhile, price of silver in India remained steady today. The price of 1 kg silver in India is Rs 79,200. Since November 21, price of silver gained by Rs 3600 and declined by Rs 400.