Gold and Silver Prices Witness Significant Decline
Gold prices experienced a substantial downturn on India's Multi Commodity Exchange (MCX) as market sentiment turned bearish following international trends. The decline came after Federal Reserve officials indicated that the absence of fresh economic data might delay anticipated rate cuts, creating uncertainty in global bullion markets.
MCX Gold December futures concluded trading on Friday with a notable 2.64% decrease, settling at ₹1,23,400 per 10 grams. The silver market faced even steeper declines, with December contracts dropping by 4.27% to reach ₹1,55,530 per kg. This significant correction reflects the immediate market reaction to changing global economic expectations.
Current Bullion Rates Across Major Cities
According to the latest data from India Bullions, 24-carat gold was priced at ₹1,23,910 per 10 grams, while 22-carat gold traded at ₹1,13,584 per 10 grams as of 10:15 am on November 16. Silver prices for the 999 fine variety stood at ₹1,56,180 per kilogram during the same period.
The price variations across different cities highlight regional differences in bullion pricing. Chennai recorded the highest gold rates at ₹1,24,050 for 24-carat gold, while Delhi showed relatively lower prices at ₹1,23,470 for the same purity. Mumbai, Ahmedabad, Hyderabad, Bengaluru, and Kolkata displayed intermediate pricing patterns, reflecting local market dynamics and demand-supply conditions.
Long-Term Gold Performance Remains Impressive
Despite the recent correction, gold has demonstrated remarkable long-term growth. The precious metal has surged by an astonishing 1,200% over the past two decades, climbing from ₹7,638 in 2005 to over ₹1,25,000 in 2025 (as of September data). This represents one of the most consistent investment performances in commodity markets.
Gold has delivered positive returns in 16 out of the last 20 years, showcasing its resilience as a safe-haven asset. On a year-to-date basis, gold prices have gained 56%, maintaining strong investor interest despite periodic corrections. This performance underscores gold's enduring appeal in investment portfolios, particularly during times of economic uncertainty.
Retail customers should note that jewellers typically add making charges, applicable taxes, and GST to the quoted bullion prices, which increases the final purchase amount. Investors are advised to consult certified experts before making any investment decisions in the precious metals market.
