Gold Rate Today In India, November 13: Massive Price Correction Continues; 24K, 22K, 18K Gold Get Cheaper

In the second week of November, gold rates in India are falling continuously, bringing joy to gold enthusiasts and buyers. The 22-carat gold rate today fell by approximately Rs. 1200 per 10 grams, which is the fourth major drop this week, post diwali correction in gold prices.

Gold in the international bullion market rose above $3900 per ounce Friday after a previous decline because of the dollar recovery, which put downward pressure on global gold rates, including in India. As a result, the yellow metal is now more affordable, especially during the high-demand festive season.

"Gold and silver have slipped to their lowest levels in over a week after US consumer prices rose 0.4% in October against expectations of 0.3%. Hawkish comments from Fed officials lifted the dollar index near 103 and firmed bets on a December rate hike, possibly as large as 50 basis points. Hopes of US-Iran and Russia-Ukraine peace deals have also cut safe-haven demand, with Brent down to $90. Central banks have bought 675 tonnes this year, yet investor demand looks softer. Gold has broken $4,000 support and could test $3,900, while silver awaits a move out of its $51-53 range." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA and Chairman at Jain International Trade Organisation.

Gold Rate in India Today

As of today, November 13, the 22-carat gold rate in India declined by Rs.1200 per 10 grams to cost Rs. 1,26,950 per 10 grams. While the 24-carat gold prices today fell by Rs. 1310 and are currently retailing at Rs.1,38490 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs.1,03,870 per 10 grams to cost Rs. 1,03,870.

In a similar manner, 100 grams of 22-carat gold stand at Rs. 12,69,500 after dropping Rs. 12,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 13,84,900 which dropped by Rs.13,100.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on December 4th are trading higher and are currently trading at Rs. 1,36,908 per 10 grams after rising 0.50%. Similarly, silver futures, which are set to expire on December 4th, fell today by 0.35% to trade at Rs. 1,78,100 per kg at the time of writing.

Silver Rate in India Today

Silver prices in India today also fell sharply on November 13, as 1 kg of silver in India now costs Rs. 1,99,900 which dropped by Rs. 100. While 100 g of silver rates in India cost Rs 19,900 after falling Rs 10.

Spot Gold Prices + Spot Silver Price Today

"Spot Gold is expected to remain under pressure and face resistance near $3950 and dip towards $3800 on strong dollar and rising U.S treasury yields. Further, a surge in crude oil prices has raised inflation concerns and may persuade the Fed to tighten monetary policy. As per CME FedWatch Tool, probability of a 25 bp hike is fully priced in, while the possibility of a 50 bp hike rose to 15% from 0% compared to previous week." As per the ICICI Commodity Report.