Gold prices witnessed a significant decline across Indian markets on Friday, November 21, mirroring losses in the international bullion market. The downward trend emerged as expectations for a Federal Reserve rate cut next month diminished, affecting investor sentiment toward the precious metal.
Market Performance and Key Metrics
In the domestic futures market, MCX Gold December futures dropped by 0.52% to ₹1,22,085 per 10 grams at 2:08 pm. The silver market experienced even steeper declines, with MCX Silver December contracts slipping 1.82% to ₹1,51,345 per kg during the same trading session.
Spot prices followed similar patterns, with 24-carat gold trading at ₹1,22,710 per 10 grams and 22-carat gold at ₹1,12,484 per 10 grams at 2:08 pm on November 21. Silver prices stood at ₹1,52,140 per kg for Silver 999 Fine, according to data from India Bullions.
Historical Perspective and Long-term Growth
The current price movement occurs against a backdrop of remarkable long-term growth for gold. Over the past twenty years, gold prices have surged by an impressive 1,200%, climbing from ₹7,638 in 2005 to over ₹1,25,000 in 2025 (as of September data).
This extraordinary growth trajectory has delivered positive returns in 16 out of the last 20 years, demonstrating gold's resilience as an investment asset. On a year-to-date basis, gold prices have gained 56%, maintaining strong performance despite recent corrections.
City-wise Gold Rates Analysis
Retail gold prices varied across major Indian cities on Friday. Mumbai recorded 24-karat gold at ₹1,22,480 and 22-karat gold at ₹1,12,273 per 10 grams. New Delhi saw slightly lower rates at ₹1,22,200 for 24-karat and ₹1,12,017 for 22-karat gold.
Other metropolitan centers showed similar pricing patterns:
- Kolkata: 24K - ₹1,22,250, 22K - ₹1,12,063
- Ahmedabad: 24K - ₹1,22,580, 22K - ₹1,12,365
- Bengaluru: 24K - ₹1,22,580, 22K - ₹1,12,365
- Hyderabad: 24K - ₹1,22,680, 22K - ₹1,12,457
- Chennai: 24K - ₹1,22,670, 22K - ₹1,12,448
It's important to note that final retail prices may be slightly higher as jewellers typically add making charges, applicable taxes, and GST to the base rate.
Silver Market Performance
The silver market mirrored gold's downward trend with varying rates across cities. Mumbai reported silver bullion at ₹1,51,950 per kg, while New Delhi saw rates of ₹1,51,510 per kg. Other major cities including Kolkata, Ahmedabad, Bengaluru, Hyderabad, and Chennai showed silver prices ranging between ₹1,51,570 and ₹1,51,990 per kg.
The MCX Silver 999 rate remained consistent at ₹1,51,540 per kg across all major cities, indicating standardized futures pricing despite regional variations in physical silver rates.
Investors should approach these market movements with caution and consult certified financial experts before making any investment decisions in precious metals. The current dip presents both challenges and opportunities for gold and silver investors in the Indian market.
