Gold prices witnessed a significant downturn in Indian markets on Friday, closing with substantial losses that mirrored the weakness in international bullion markets. The precious metal faced heavy selling pressure, resulting in one of the sharpest single-day declines in recent weeks.
Sharp Decline in Bullion Markets
The December gold futures contract on the Multi Commodity Exchange (MCX) experienced a dramatic fall of 2.64% or ₹3,351, settling at ₹1,23,400 per 10 grams as trading concluded on November 15. The bearish sentiment extended to silver, which saw an even steeper decline with December silver contracts dropping 4.27% to close at ₹1,55,530 per kilogram.
According to data from India Bullions recorded at 11:55 am on November 15, the spot price for 24-carat gold stood at ₹1,23,900 per 10 grams, while 22-carat gold was trading at ₹1,13,575 per 10 grams. Silver prices for the 999 fine variety were quoted at ₹1,56,160 per kilogram during the same period.
Gold's Remarkable Long-Term Performance
Despite the recent correction, gold has demonstrated exceptional performance over the past two decades. Historical data reveals that gold prices have surged by an impressive 1,200% since 2005, climbing from ₹7,638 to over ₹1,25,000 as of September 2025. This remarkable journey has seen positive annual returns in 16 out of the last 20 years.
The current year has been particularly strong for the yellow metal, with prices gaining 56% on a year-to-date basis. This substantial appreciation highlights gold's continued appeal as a safe-haven asset and store of value amid economic uncertainties.
City-Wise Gold and Silver Rates
The price correction was reflected across major Indian cities, with slight variations in rates due to local factors. Here's a comprehensive look at the prevailing rates across key metropolitan centers:
Mumbai: 24-karat gold traded at ₹1,23,680/10gm, while 22-karat gold was priced at ₹1,13,373/10gm. Silver bullion rates stood at ₹1,55,880/kg.
Delhi: The capital city saw 24-karat gold at ₹1,23,470/10gm and 22-karat gold at ₹1,13,181/10gm. Silver was available at ₹1,55,610/kg.
Kolkata: Gold prices in the eastern metropolis were recorded at ₹1,23,510/10gm for 24-karat and ₹1,13,218/10gm for 22-karat variety. Silver traded at ₹1,55,670/kg.
Ahmedabad: The Gujarat market quoted 24-karat gold at ₹1,23,840/10gm and 22-karat at ₹1,13,520/10gm. Silver rates reached ₹1,56,090/kg.
Bengaluru: The IT hub reported 24-karat gold prices of ₹1,23,780/10gm and 22-karat at ₹1,13,465/10gm. Silver was priced at ₹1,56,000/kg.
Hyderabad: The Telangana capital saw gold rates of ₹1,23,870/10gm for 24-karat and ₹1,13,548/10gm for 22-karat. Silver traded at ₹1,56,130/kg.
Chennai: The southern city recorded the highest gold rates among major metros at ₹1,24,040/10gm for 24-karat and ₹1,13,703/10gm for 22-karat. Silver was priced at ₹1,56,330/kg.
It's important to note that retail customers should account for additional costs including making charges, taxes, and GST that jewellers typically add to the final bill, which can significantly increase the purchase price.
Disclaimer: This analysis is for educational purposes only. The views and recommendations mentioned are those of individual analysts or broking companies. Investors are advised to consult certified experts before making any investment decisions.
