New Delhi: Gold prices in India remained elevated on Monday, November 9, even as international bullion prices witnessed a marginal decline. Domestic gold rates showed differences across major cities, with Chennai recording the highest 24-carat price among the five metros listed, while Delhi had the lowest.
The latest rates put 24-carat gold at Rs 1,43,040 per 10 grams in the domestic market, while 22-carat gold was priced at Rs 1,31,120 per 10 grams
The movement in gold prices followed a marginal gain during the special Muhurat trading session held on Sunday, November 8, on the occasion of Diwali. Gold futures on the Multi Commodity Exchange (MCX) advanced during the special session, although international prices came under pressure on Monday morning.
For consumers planning to purchase jewellery, coins or bars, city-wise prices offer an indication of prevailing market levels. However, the final amount paid at a jewellery store can differ depending on the jeweller, applicable taxes and making charges.
MCX gold futures gain during Diwali Muhurat trading
Gold prices recorded a modest increase during Sunday’s special trading session. MCX gold futures contracts for December delivery gained around 0.27% and settled at Rs 1,42,552 per 10 grams.
The gain came after gold prices had declined in the previous trading session. The earlier fall was attributed to stronger-than-expected US employment data, a rising US dollar index and higher Treasury yields. These factors weighed on bullion, as movements in the dollar and bond yields can influence demand for gold in international markets.
Silver futures also registered a marginal increase during Muhurat trading. Contracts expiring on December 4 gained approximately 0.17% to close at Rs 1,85,100 per kg.
The gains in domestic futures, however, were modest and did not prevent international bullion prices from slipping on Monday.
International gold and silver prices decline
Gold and silver traded lower in the international market on Monday morning. Comex gold declined around 0.09% to $4,071.4 per ounce, while Comex silver fell approximately 0.24% to $51.815 per ounce.
The movements in international markets are closely watched by Indian bullion traders because domestic prices are influenced by global rates, currency movements and other market factors.
Despite the marginal decline in international prices, domestic gold remained above Rs 1.4 lakh per 10 grams for 24-carat metal in the latest reported rates.
24K gold rate in major Indian cities on November 9
The latest city-wise prices showed variations across India’s major jewellery markets. Chennai recorded the highest rate among the five cities highlighted, while Delhi had the lowest.
The reported 24-carat gold prices per 10 grams were:
- Mumbai: Rs 1,42,780
- Delhi: Rs 1,42,540
- Chennai: Rs 1,43,200
- Kolkata: Rs 1,42,590
- Bengaluru: Rs 1,42,900
- Hyderabad: Rs 1,43,010
The difference between the highest and lowest rates among these cities was Rs 660 per 10 grams. Chennai’s quoted price was the highest at Rs 1,43,200, while Delhi’s rate stood at Rs 1,42,540.
These figures provide a reference for consumers comparing gold prices across cities. Buyers should nevertheless confirm the prevailing rate with their jeweller before making a purchase, as retail quotations may vary.
22K gold rate in major cities
22-carat gold is widely used in jewellery manufacturing in India. Its price is lower than that of 24-carat gold because it contains a smaller proportion of pure gold.
The reported 22-carat gold prices per 10 grams on November 9 were:
- Mumbai: Rs 1,30,882
- Delhi: Rs 1,30,662
- Chennai: Rs 1,31,267
- Kolkata: Rs 1,30,708
- Bengaluru: Rs 1,30,992
- Hyderabad: Rs 1,31,093
Chennai again recorded the highest quoted rate among the listed cities, at Rs 1,31,267 per 10 grams. Delhi had the lowest rate at Rs 1,30,662.
The difference between the two city prices was Rs 605 per 10 grams. Consumers comparing jewellery prices should also check the purity hallmark and the final bill rather than relying only on the quoted gold rate.
Silver prices in major cities on November 9
Silver prices also remained elevated in the domestic market. The latest reported domestic price for silver stood at Rs 1,85,690 per kg.
City-wise rates for 999 fine silver were:
- Mumbai: Rs 1,85,350 per kg
- Delhi: Rs 1,85,030 per kg
- Chennai: Rs 1,85,890 per kg
- Kolkata: Rs 1,85,110 per kg
- Bengaluru: Rs 1,85,500 per kg
- Hyderabad: Rs 1,85,650 per kg
Chennai recorded the highest city-wise silver rate among the six markets, at Rs 1,85,890 per kg. Delhi had the lowest quoted price at Rs 1,85,030 per kg.
The report also listed 925 sterling silver at Rs 1,71,763 per kg. This is a different purity category from 999 fine silver, so the two rates should not be directly compared as though they refer to the same product.
What should gold buyers keep in mind?
Gold prices can change with movements in international bullion markets, currency exchange rates and domestic demand. City-wise rates are useful for comparing prevailing prices, but they do not necessarily represent the final cost of jewellery.
Buyers should check whether the quoted price is for 24-carat or 22-carat gold and verify the purity marking before purchasing. They should also ask for a clear breakdown of the gold value, making charges and applicable taxes.
With 24-carat gold quoted at Rs 1,43,040 per 10 grams in the domestic market on November 9, buyers may want to compare rates across trusted jewellers before making a decision. The latest figures also show that prices can differ between cities, making it important to check local quotations on the day of purchase.
For now, domestic gold futures have registered a modest gain during Diwali Muhurat trading, while international bullion prices have edged lower at the start of the week. Market movements in the coming sessions will remain important for consumers and investors tracking gold and silver.