New Delhi: Gold and silver prices extended their decline on Friday, November 13, as stronger US inflation data, a strengthening dollar and rising bond yields increased expectations of further interest rate hikes by the US Federal Reserve. The weakness in international bullion markets also weighed on domestic prices, with 24-carat gold trading at around Rs 1.36 lakh per 10 grams in early morning trade.
The 24K gold price in India stood at Rs 1,36,820 per 10 grams at around 6:40 am on Friday. The 22K gold rate was Rs 1,25,418 per 10 grams.
Silver prices also remained under pressure. Silver was quoted at Rs 1,79,560 per kg, while 925 sterling silver stood at Rs 1,66,093 per kg.
The latest decline follows a sharp fall in domestic bullion futures during Thursday’s session, reflecting weakness in global precious metal prices.
Gold rate today in major Indian cities
Gold prices varied across major cities on November 13. Chennai recorded the highest 24K rate among the listed cities, while Delhi had the lowest.
The following are indicative prices per 10 grams:
| City | 24K gold | 22K gold |
|---|---|---|
| Mumbai | Rs 1,36,580 | Rs 1,25,198 |
| Delhi | Rs 1,36,340 | Rs 1,24,978 |
| Chennai | Rs 1,36,970 | Rs 1,25,556 |
| Kolkata | Rs 1,36,390 | Rs 1,25,024 |
| Bengaluru | Rs 1,36,680 | Rs 1,25,290 |
| Hyderabad | Rs 1,36,790 | Rs 1,25,391 |
The prices are indicative and can vary between jewellers. The final purchase price may also include GST, making charges and other applicable costs.
Silver rates across major cities
Silver prices also remained lower amid weakness in the international market. The latest indicative rates for 999 fine silver across major cities were:
| City | Silver price per kg |
|---|---|
| Mumbai | Rs 1,79,240 |
| Delhi | Rs 1,78,930 |
| Chennai | Rs 1,79,760 |
| Kolkata | Rs 1,79,000 |
| Bengaluru | Rs 1,79,380 |
| Hyderabad | Rs 1,79,520 |
Chennai recorded the highest silver rate among the listed cities, while Delhi had the lowest.
MCX gold and silver futures decline
Domestic futures prices registered significant losses during Thursday’s trading session.
MCX gold futures for December delivery closed at Rs 1,36,225 per 10 grams, declining 2.5% during the session. Silver futures for the same delivery period settled at Rs 1,78,724 per kg, after losing more than 3% in the previous session.
The decline reflected weakness in international bullion prices as investors reassessed the outlook for US monetary policy.
On the international market, COMEX gold was trading 0.2% higher at $3,893 per ounce at around 1:16 GMT on Friday. COMEX silver was almost unchanged at $50.065 per ounce.
The modest recovery in early international trade came after both metals had faced selling pressure in the previous session.
Why are gold and silver prices falling?
Stronger-than-expected US inflation data has been a major factor behind the recent weakness in precious metals.
Higher inflation can encourage the Federal Reserve to maintain restrictive monetary policy or consider further interest rate increases. Market expectations of a possible rate hike in December, followed by another increase in March 2027, have weighed on gold and silver.
Gold does not generate interest income. Therefore, when bond yields rise and investors expect higher interest rates, the opportunity cost of holding the metal increases. This can reduce demand for bullion.
The strengthening US dollar has added to the pressure. Since gold and silver are priced internationally in dollars, a stronger dollar can make them more expensive for buyers using other currencies, potentially affecting demand.
Higher bond yields have also made interest-bearing investments relatively more attractive compared with non-yielding precious metals.
What should buyers and investors watch?
The near-term direction of gold and silver prices will depend on fresh US inflation readings, Federal Reserve policy expectations, movements in the dollar and bond yields, and demand in international bullion markets.
For Indian buyers, domestic prices will also be influenced by currency movements, import-related costs and local demand.
The latest fall may attract jewellery buyers who were waiting for lower prices, but market volatility remains elevated. Consumers should compare rates across jewellers and check the final invoice, including purity, GST and making charges, before purchasing.
For investors, the recent correction highlights the sensitivity of precious metals to changes in interest rate expectations and global financial conditions. A sustained recovery in bullion prices will depend on whether these pressures ease in the coming sessions.