Gold and silver rates declined significantly in the domestic futures market in early trading on Thursday amid weaker demand after the festive session. Gold prices fell by over Rs 1,000 to below Rs 1.39 lakh per 10 grams, while Silver plummeted over Rs 2,600 to a level of Rs 1,82,000 per kilogram.
At around 10:47 PM, MCX gold, due to expire on December 4, was trading at Rs 1,38,599, falling Rs 1,117 or 0.8 per cent from the previous closing of Rs 1,39,716 per 10 grams. Meanwhile, MCX Silver futures contract for December delivery was quoted at Rs 1,82,110, down Rs 2,415 or 1.31 per cent.
Earlier, the MCX Silver dipped Rs 2,675 to a low of Rs 1,81,850 as compared to last close of Rs 1,84,525.
"MCX Gold prices opened down, trading under pressure as the US dollar strengthened to a 19-month high near 103, amid rising expectations of further Federal Reserve tightening. Stronger-than-expected October inflation data and hawkish comments from Fed officials lifted bets on a potential 50-basis-point rate hike next month, weighing on non-yielding bullion," said Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.
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24k, 22k Gold Rates In Delhi, Chennai, Hyderabad And Other Cities
Yellow metal prices also declined in the domestic retail market. As per the latest data available at bullion.co.in, the 24-karat and 22-karat gold rates on November 12 in key Indian cities are:
City | 24k Gold Rate / 10 Grams | 22k Gold Rate / 10 Grams |
|---|---|---|
Delhi | Rs 1,38,450 | Rs 1,26,913 |
Mumbai | Rs 1,39,010 | Rs 1,27,426 |
Kolkata | Rs 1,38,820 | Rs 1,27,252 |
Chennai | Rs 1,39,410 | Rs 1,27,793 |
Bangalore | Rs 1,39,110 | Rs 1,27,518 |
Hyderabad | Rs 1,39,230 | Rs 1,27,628 |
Gold Rate In International Market
Last seen, COMEX Gold was trading at $3,976.60 per ounce, down $23.90 or 0.60 per cent. COMEX Silver was quoted at $51.225, down $0.77 (1.49 per cent).