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Home Gold News Gold Prices Drop for Third Day in India

Gold Prices Drop for Third Day in India

by anna

Gold prices in India experienced their third consecutive day of decline on Wednesday, with significant drops in the rates of both 22-carat and 24-carat gold. The ongoing dip comes as investors globally await critical U.S. economic data and statements from Federal Reserve officials, which are expected to shed light on future U.S. interest rate decisions.

Economic Factors Impacting Gold

The pressure on bullion prices has been mounting ahead of major economic reports, including the U.S. Consumer Price Index (CPI) data on Wednesday, the Producer Price Index (PPI) and weekly jobless claims on Thursday, followed by retail sales and industrial production data on Friday. The recent fluctuations in gold prices also follow increased market speculation since former President Donald Trump’s unexpected victory, which has contributed to market volatility.

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Gold Prices in India as of November 13

As of Wednesday, November 13, the price of 22-carat gold in India stands at Rs 7,045 per gram, while 24-carat gold is priced at Rs 7,685 per gram. The cost of 10 grams of 22-carat gold has fallen to Rs 70,450, down by Rs 400 from the previous day’s price of Rs 70,850. Similarly, the price of 100 grams of 22-carat gold has dropped to Rs 7,04,500, marking a decrease of Rs 4,000 from Tuesday’s rate of Rs 7,08,500.

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The 24-carat gold rate for 10 grams is now Rs 76,850, reflecting a reduction of Rs 440 from Tuesday’s price of Rs 77,290. The price for 100 grams of 24-carat gold has also declined, now at Rs 7,68,500 compared to Rs 7,72,900 the previous day—a drop of Rs 4,400. Additionally, 18-carat gold is priced at Rs 57,640 per 10 grams, down by Rs 330 from Tuesday’s Rs 57,970. The 100-gram rate for 18-carat gold stands at Rs 5,76,400, a decrease of Rs 3,300 from the previous day.

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Global Spot Gold Movements

Internationally, spot gold saw a modest recovery on Wednesday, rising 0.5% to $2,610.99 per ounce as of 0437 GMT, after reaching its lowest level since September 20 during the previous session. U.S. gold futures also climbed by 0.4%, reaching $2,617.20 per ounce. Other precious metals displayed gains as well: palladium rose 1% to $953.84 per ounce, platinum added 0.6% to $953.22, and spot silver increased by 1% to $31 per ounce.

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Silver Prices in India

The price of silver in India remained stable on Wednesday at Rs 91 per gram, or Rs 91,000 per kilogram. The cost of 100 grams of silver stood at Rs 9,100. On the Multi Commodity Exchange (MCX), silver opened with a slight 0.16% increase and closed at Rs 89,327 per kilogram. On Tuesday, spot silver ended trading at $30.70 per ounce, maintaining a narrow, positive trading range.

Gold Market Outlook

Market analysts indicate that U.S. Federal Reserve policy continues to influence the robust labor market and inflation levels, which remain above the 2% target. Investors are closely watching the upcoming data releases to gauge potential shifts in monetary policy that could further impact gold prices.

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