Gold Rate Today In India, Nov 11: 24K Gold Falls By Rs. 7,100/100g For 2nd Straight Day; Silver Declines

Gold prices in India declined for the second consecutive session on Wednesday, November 11, offering some relief to buyers after continued volatility in the precious metals market. The 24-carat gold rate fell by Rs. 710 per 10 grams, while the 22-carat gold price dropped by Rs. 650. However, despite the fall in domestic retail prices, MCX gold and silver futures traded higher during the morning session.

Gold Rate in India Today, 11th Nov

On 11th November, 24-carat gold rates today in India slipped by Rs.710 per 10 grams to cost Rs. 1,41,980. While the 22-carat gold price today decreased by Rs.650 per 10 grams to retail at Rs.1,30,150 per 10 grams. Similarly, the 18-carat gold declined by Rs.530 to retail at Rs. 1,06,490 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24 carat gold price now retails at Rs. 14,19,800, after slipping Rs. 7100, and the 22-carat gold rates today per 100 grams now cost Rs. 13,01,500 after slipping Rs. 6500.

Silver prices in India today

Silver rates in India today dipped after a stability last week. Currently, 1 kg of silver costs Rs. 2,00,000 after slipping Rs. 5000 per kg, and 100 grams of silver costs Rs. 20,000, which declined by Rs. 500 per 100 grams of silver.

Gold prices in Chennai, Bengaluru, and Hyderabad

A similar decline in gold prices across the country was seen. Below are the gold rates in the major cities of India:

10 grams of 24-carat gold rates in Chennai stand at Rs. 1,41,980 per 10 grams, while the 22-carat gold prices in Chennai cost Rs.1,30,150 per 10 grams.

Likewise, gold rates in Bangalore for 22 carats are now at Rs.1,30,150 per 10 grams, while the 24 carat gold price in Bangalore is now at Rs. 1,41,980 per 10 grams of yellow metal.

Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22 carat gold retails at Rs.1,30,150 per 10 grams. A 24 carat gold retails at Rs. 1,41,980 per 10 grams.

MCX Gold and Silver Futures Prices Today

Gold prices on the MCX (Multi Commodity Exchange) surged today. Currently, gold futures prices due to mature on December 5th stand at Rs. 1,41,735 with a surge of 0.86%. Silver futures, with an expiration date of December 5th, saw a surge this morning, trading 2.67% higher at Rs. 1,87,444.

Gold price Outlook Ahead

As per the commodity report from ICICI Direct, "Gold and silver prices fell more than 2% as hotter than expected U.S inflation data reinforced expectations of a rate hike from the Federal Reserve this year. Spot Gold is expected to remain under pressure and face resistance near $4100 and dip towards $3980 on strong dollar and rising U.S treasury yields. Further, hotter than expected inflation data and hawkish comments from key Fed members has reinforced expectations of a bigger interest rate hike this year."

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