Precious Metals Rally on Federal Reserve Speculation
In a significant uptick, gold prices witnessed a robust surge in early trading on Monday, November 10, driven primarily by market expectations of another interest rate cut from the US Federal Reserve. The bullish sentiment propelled the yellow metal higher, with investors flocking to safe-haven assets.
MCX Futures Lead the Charge
On the Multi Commodity Exchange (MCX), Gold December futures climbed sharply by 1.14% to reach ₹1,22,449 per 10 grams at 10:28 am. The rally was not limited to gold, as the Silver December contracts demonstrated even stronger momentum, rising by an impressive 2.06% to ₹1,50,764 per kg.
Data from India Bullions provided a detailed snapshot of the physical market at 10:35 am. The price for 24-carat gold was recorded at ₹1,22,880 per 10 grams, while 22-carat gold traded at ₹1,12,640 per 10 grams. In the white metal segment, Silver (999 Fine) was priced at ₹1,51,350 per kg.
A Historic Bull Run for Gold
The current rally is part of a long-term bullish trend for the precious metal. Gold prices have delivered an extraordinary 1,200% return over the past two decades, skyrocketing from a mere ₹7,638 in 2005 to over ₹1,25,000 in 2025 (as of September data). This remarkable journey has seen positive annual returns in 16 out of the last 20 years. On a year-to-date (YTD) basis, gold has already gained 56%, highlighting its strong performance in 2025.
City-Wise Gold and Silver Rates for Retail Buyers
For consumers across major Indian cities, here are the latest bullion rates. It is crucial for retail customers to note that the final price paid at a jewellery store will be higher than these base rates, as jewellers add making charges, applicable taxes, and GST to the final bill.
Gold and Silver Prices in Major Cities (as of November 10):
- Mumbai: 24K Gold - ₹1,22,640; 22K Gold - ₹1,12,420; Silver - ₹1,51,030/kg
- Delhi: 24K Gold - ₹1,22,770; 22K Gold - ₹1,12,539; Silver - ₹1,51,280/kg
- Kolkata: 24K Gold - ₹1,22,810; 22K Gold - ₹1,12,576; Silver - ₹1,51,340/kg
- Ahmedabad: 24K Gold - ₹1,23,190; 22K Gold - ₹1,12,924; Silver - ₹1,51,920/kg
- Bengaluru: 24K Gold - ₹1,23,120; 22K Gold - ₹1,12,860; Silver - ₹1,51,840/kg
- Hyderabad: 24K Gold - ₹1,23,180; 22K Gold - ₹1,12,915; Silver - ₹1,51,830/kg
- Chennai: 24K Gold - ₹1,23,350; 22K Gold - ₹1,13,071; Silver - ₹1,52,030/kg
The data clearly shows minor variations in gold prices across different cities, with Chennai and Ahmedabad among the highest. The MCX benchmark rates for gold and silver (999) remained consistent at ₹1,22,415 per 10 grams and ₹1,50,751 per kg, respectively, across all cities.
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.
