Gold Markets Witness Significant Correction Amid Global Factors
Gold prices on India's Multi Commodity Exchange (MCX) experienced a sharp decline on Monday, November 24, as investor sentiment turned cautious following diminishing expectations of another US Federal Reserve rate cut in December. The precious metal's downturn was further influenced by easing geopolitical tensions and a strengthening US dollar, creating a perfect storm for gold bears.
The December gold futures contract on MCX dropped by 1.21%, equivalent to ₹1,501, settling at ₹1,22,652 per 10 grams at 11:22 am. Meanwhile, silver followed the downward trend, with December contracts declining by 0.71% to ₹1,53,063 per kg by 11:30 am.
Current Bullion Rates Across Major Indian Cities
According to data from India Bullions, the prices of 24-carat gold stood at ₹1,23,490 per 10 grams on November 21, while 22-carat gold was priced at ₹1,13,199 per 10 grams. Silver prices (999 Fine) were recorded at ₹1,53,890 per kilogram during the same period.
Despite the recent weekly decline, gold has demonstrated remarkable long-term performance. The yellow metal has surged by over 1,500% since 2005, climbing from ₹7,638 to over ₹1,25,000 as of September 2025. This impressive growth trajectory has delivered positive returns in 16 out of the past 20 years. On a year-to-date basis, gold prices have gained an impressive 56%.
City-Wise Gold Price Breakdown for November 24
Retail gold prices vary across different Indian cities due to local factors and additional charges. Customers should note that final retail prices may be slightly higher than the rates mentioned below, as jewellers typically add making charges, applicable taxes, and GST to the final bill.
Mumbai: 24 karat gold - ₹1,23,230/10 gm, 22 karat gold - ₹1,12,961/10 gm
Delhi: 24 karat gold - ₹1,23,250/10 gm, 22 karat gold - ₹1,12,979/10 gm
Kolkata: 24 karat gold - ₹1,23,300/10 gm, 22 karat gold - ₹1,13,025/10 gm
Ahmedabad: 24 karat gold - ₹1,23,680/10 gm, 22 karat gold - ₹1,13,373/10 gm
Bengaluru: 24 karat gold - ₹1,23,180/10 gm, 22 karat gold - ₹1,12,915/10 gm
Hyderabad: 24 karat gold - ₹1,23,310/10 gm, 22 karat gold - ₹1,13,034/10 gm
Chennai: 24 karat gold - ₹1,23,420/10 gm, 22 karat gold - ₹1,13,135/10 gm
The MCX gold rate remained consistent across all cities at ₹1,22,869 per 10 grams, while MCX Silver 999 rates were uniformly priced at ₹1,53,211 per kilogram nationwide.
Market Outlook and Investment Considerations
The current price correction presents both challenges and opportunities for investors. While short-term headwinds persist due to Federal Reserve policies and dollar strength, the long-term outlook for gold remains positive given its historical performance and role as a safe-haven asset.
Investors should consult with certified financial experts before making any investment decisions, as gold markets can be volatile and subject to rapid changes based on global economic developments and domestic market conditions.
