Gold prices experienced a noticeable decline in the domestic futures market on Monday, November 17, as a strengthening US dollar exerted pressure on the precious metal. This downward trend was reflected across major Indian cities, offering a slight respite for potential buyers.
Market Snapshot: Futures and Spot Prices Fall
In the commodity market, MCX Gold December futures dropped by 0.88% to ₹1,22,468 per 10 grams as of 11:29 am. Similarly, the MCX Silver December contracts saw a decrease of 0.74%, trading at ₹1,54,866 per kg.
Tracking the futures, spot prices also softened. According to data from India Bullions, the price of 24-carat gold stood at ₹1,23,150 per 10 grams at 11:36 am. The rate for 22-carat gold was recorded at ₹1,12,888 per 10 grams. In the silver segment, the price for Silver 999 Fine was ₹1,55,610 per kg.
City-Wise Gold Price Breakdown for November 17
For retail customers, the final price at a jeweller will include making charges, applicable taxes, and GST, which increases the overall cost. Here is a detailed look at the gold rates across seven major Indian cities on Monday:
Mumbai: 24K gold was priced at ₹1,22,930/10 gm, while 22K gold was at ₹1,12,686/10 gm.
Delhi: The capital city saw 24K gold at ₹1,22,720/10 gm and 22K gold at ₹1,12,493/10 gm.
Kolkata: Prices here were ₹1,22,780/10 gm for 24K and ₹1,12,548/10 gm for 22K gold.
Ahmedabad: This city reported 24K gold at ₹1,23,110/10 gm and 22K at ₹1,12,851/10 gm.
Bengaluru: The rates were ₹1,22,910/10 gm for 24K and ₹1,12,668/10 gm for 22K gold.
Hyderabad: 24K gold was available at ₹1,23,010/10 gm, and 22K gold at ₹1,12,759/10 gm.
Chennai: The southern metro had the highest 24K price among the listed cities at ₹1,23,270/10 gm, with 22K gold at ₹1,12,998/10 gm.
Long-Term Perspective and Investment Outlook
Despite the daily fluctuations, the long-term trajectory of gold remains powerfully bullish. A historical analysis reveals a staggering surge. Gold prices have skyrocketed by approximately 1,200% since 2005, climbing from a modest ₹7,638 to over ₹1,25,000 as of September 2025.
This remarkable journey has been remarkably consistent, with the yellow metal delivering positive annual returns in 16 out of the last 20 years. Furthermore, on a year-to-date (YTD) basis, gold has already gained an impressive 56% in value, underscoring its role as a resilient asset class.
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.
