Gold and silver prices continued their downward trend on Thursday, November 12, 2026, as concerns over stronger-than-expected US inflation weighed on the precious metals. On the Multi Commodity Exchange (MCX), December gold futures dropped 0.93% to ₹1.38 lakh per 10 grams, while December silver futures fell 1.32% to ₹1.82 lakh per kg. The decline followed a slip in international bullion prices, with gold dipping below the $4,000-per-ounce level.
The latest correction comes amid pressure from stronger US inflation data, which has raised expectations of further monetary tightening by the US Federal Reserve. A stronger dollar and rising US bond yields typically weigh on gold, as the metal does not offer interest income. Vikram Subburaj, CEO of Giottus.com, noted that gold and silver futures are facing renewed pressure due to these factors.
Silver, which is also sensitive to industrial demand, is currently trading within the $51-$53-per-ounce range. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions, suggested that gold could test $3,900 an ounce if the weakness persists. However, continued purchases by central banks, particularly the People's Bank of China, are providing some support to gold prices.
Investors are closely monitoring upcoming US inflation and producer price data, along with commentary from Federal Reserve officials, for further clues on the interest rate outlook. For Indian investors, the rupee's movement will also be crucial, as a weaker rupee can cushion the impact of falling international gold prices on domestic rates.