Gold and silver prices witnessed a significant decline during early trading hours on Tuesday, November 18, pressured by a stronger US dollar and weak signals from international markets.
Market Plunge: Gold and Silver Tumble
During the morning session, MCX Gold December futures dropped by 1.3%, trading at approximately ₹1,21,333 per 10 grams around 10:08 AM. The sell-off was even more pronounced in the silver market, where MCX Silver December contracts plunged by 2.38% to ₹1,51,608 per kg.
Data from India Bullions confirmed the downward trend for physical metal. At 10:11 AM on November 18, the price for 24-carat gold was noted at ₹1,21,780 per 10 grams. For buyers preferring the more alloyed option, 22-carat gold was available at ₹1,11,632 per 10 grams. The spot price for Silver (999 Fine) stood at ₹1,52,370 per kg.
A Long-Term Perspective on Gold's Performance
Despite the day's sharp correction, the long-term narrative for gold remains powerfully bullish. Over the last two decades, gold prices have skyrocketed by an impressive 1,200%. An investment of ₹7,638 in 2005 would have grown to over ₹1,25,000 by September 2025.
This remarkable journey has delivered positive annual returns in 16 out of the last 20 years. Furthermore, on a year-to-date (YTD) basis, gold has still managed to gain 56%, highlighting its resilience and role as a wealth preserver.
City-Wise Gold and Silver Rates for November 18
Here is a detailed look at the retail and futures prices across major Indian cities as of November 18. Potential buyers should be aware that the final purchase price from a jeweller will include making charges, applicable taxes, and GST, which are not reflected in these bullion rates.
Mumbai
24 karat gold: ₹1,21,440/10 gm
22 karat gold: ₹1,11,320/10 gm
MCX Gold: ₹1,21,140/10 gm
Silver bullion / MCX Silver 999: ₹1,52,110/kg
New Delhi
24 karat gold: ₹1,21,230/10 gm
22 karat gold: ₹1,11,128/10 gm
MCX Gold: ₹1,21,140/10 gm
Silver bullion / MCX Silver 999: ₹1,51,850/kg
Kolkata
24 karat gold: ₹1,21,280/10 gm
22 karat gold: ₹1,11,173/10 gm
MCX Gold: ₹1,21,140/10 gm
Silver bullion / MCX Silver 999: ₹1,51,740/kg
Ahmedabad
24 karat gold: ₹1,21,600/10 gm
22 karat gold: ₹1,11,467/10 gm
MCX Gold: ₹1,21,140/10 gm
Silver bullion / MCX Silver 999: ₹1,52,150/kg
Bengaluru
24 karat gold: ₹1,21,530/10 gm
22 karat gold: ₹1,11,403/10 gm
MCX Gold: ₹1,21,130/10 gm
Silver bullion / MCX Silver 999: ₹1,52,120/kg
Hyderabad
24 karat gold: ₹1,21,620/10 gm
22 karat gold: ₹1,11,485/10 gm
MCX Gold: ₹1,21,130/10 gm
Silver bullion / MCX Silver 999: ₹1,52,240/kg
Chennai
24 karat gold: ₹1,21,790/10 gm
22 karat gold: ₹1,11,641/10 gm
MCX Gold: ₹1,26,991/10 gm
Silver bullion: ₹1,52,440/kg
MCX Silver 999: ₹1,21,130/kg
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment.
