Gold prices in India witnessed an upward trend during early trading hours on Wednesday, November 12, supported by a weakening US dollar and growing market expectations of an interest rate cut by the US Federal Reserve in December.
Market Performance and Key Drivers
During the morning session at approximately 10:10 am, MCX Gold December futures registered a modest increase of 0.05%, reaching ₹1,23,970 per 10 grams. Simultaneously, MCX Silver December contracts demonstrated stronger momentum with a 0.5% rise, settling at ₹1,55,460 per kilogram.
According to data from India Bullions, the spot price for 24-carat gold stood at ₹1,24,460 per 10 grams, while 22-carat gold was trading at ₹114,088 per 10 grams. Silver prices with 999 fineness were recorded at ₹156,040 per kilogram during the same period.
Gold's Remarkable Growth Trajectory
The precious metal has demonstrated exceptional performance over the past two decades, with prices surging by an impressive 1,200% from ₹7,638 in 2005 to over ₹1,25,000 as of September 2025. This remarkable growth has delivered positive returns in 16 out of the last 20 years, with gold prices gaining 56% on a year-to-date (YTD) basis.
City-wise Gold and Silver Rates
Here's a detailed breakdown of gold and silver prices across major Indian cities as of November 12:
Mumbai: 24-karat gold at ₹1,24,240/10gm, 22-karat at ₹1,13,887/10gm, MCX Gold at ₹1,23,986/10gm, Silver bullion at ₹1,55,760/kg
Pune: 24-karat gold at ₹1,24,190/10gm, 22-karat at ₹1,13,841/10gm, MCX Gold at ₹1,23,943/10gm, Silver bullion at ₹1,55,690/kg
Delhi: 24-karat gold at ₹1,23,980/10gm, 22-karat at ₹1,13,648/10gm, MCX Gold at ₹1,23,943/10gm, Silver bullion at ₹1,55,430/kg
Kolkata: 24-karat gold at ₹1,24,030/10gm, 22-karat at ₹1,13,694/10gm, MCX Gold at ₹1,23,943/10gm, Silver bullion at ₹1,55,490/kg
Ahmedabad: 24-karat gold at ₹1,24,360/10gm, 22-karat at ₹1,13,997/10gm, MCX Gold at ₹1,23,943/10gm, Silver bullion at ₹1,55,900/kg
Bengaluru: 24-karat gold at ₹1,24,400/10gm, 22-karat at ₹1,14,033/10gm, MCX Gold at ₹1,24,050/10gm, Silver bullion at ₹1,55,930/kg
Hyderabad: 24-karat gold at ₹1,24,500/10gm, 22-karat at ₹1,14,125/10gm, MCX Gold at ₹1,24,050/10gm, Silver bullion at ₹1,56,050/kg
Chennai: 24-karat gold at ₹1,24,660/10gm, 22-karat at ₹1,14,272/10gm, MCX Gold at ₹1,24,050/10gm, Silver bullion at ₹1,56,260/kg
Important Considerations for Buyers
Prospective gold buyers should note that the prices mentioned above represent bullion rates. Retail customers purchasing jewellery should account for additional costs including making charges, applicable taxes, and GST, which will increase the final purchase price significantly.
The current market sentiment remains cautiously optimistic as investors monitor global economic indicators and central bank policies that continue to influence precious metal prices in both domestic and international markets.
