Gold December futures contracts at MCX opened flat today at Rs 75,537 per 10 grams, down by 0.07% or Rs 50, while silver December futures contracts were trading at Rs 89,752/kg, down by almost 1% or Rs 868.
Gold prices have risen by Rs 2,300/10 grams in the last week, while silver prices surged by Rs 900/kg in the same period.
The MCX opened for its evening session at 5 pm today, as the morning session from 9 am to 5 pm was closed due to Maharashtra state elections.
Internationally, gold prices rose to a one-week high on Wednesday, marking a third consecutive session of gains. This was driven by a softer dollar and escalating Russia-Ukraine tensions, which raised demand for safe-haven assets.
Spot gold added 0.2% to $2,636.59 per ounce by 0538 GMT, its highest since Nov. 11, while U.S. gold futures climbed 0.3% to $2,639.80.
The U.S. dollar’s rally paused after gains last week, making bullion more attractive to buyers holding other currencies.Currently, traders foresee a chance of a 25-basis-point cut in December. Recent strong data and U.S. President-elect Donald Trump’s proposed tariffs have pointed to rates remaining higher for longer.The market is adjusting its expectations for the Fed’s cuts next year, as inflation becomes a bigger concern. Higher rates reduce the appeal of non-yielding gold.
City-wise Gold Rates
As of November 19, the following are the rates of gold in various cities:
Gold Price in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,992/8 grams, while pure gold (24 carat) prices stand at Rs 61,864/8 grams.
Gold Price in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,744/8 grams, while pure gold (24 carat) prices stand at Rs 61,584/8 grams.
Gold Price in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,816/8 grams, while pure gold (24 carat) prices stand at Rs 60,584/8 grams.
Gold Price in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,040/8 grams, while pure gold (24 carat) prices stand at Rs 60,776/8 grams.
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