Gold and silver prices experienced significant declines this week, with spot gold dropping by 4.5%, its steepest fall since June. Investors are concerned about potential interest rate hikes by the U.S. Federal Reserve and rising oil prices, which could fuel inflation. Despite a brief uptick to $3,922.97 per ounce following the release of U.S. Producer Price Index data, spot gold settled at $3,879.71 per ounce. U.S. gold futures for December delivery ended largely unchanged at $3,886.30 per ounce.
Other precious metals also faced losses, with spot silver falling 1.9% to $49.05 per ounce and platinum declining 1.9% to $1,490.06 per ounce. Palladium bucked the trend with a 1.1% rise to $1,004.40 per ounce. However, all three metals were on track to post weekly losses.
In India, gold bullion was trading at ₹1,37,320 per 10 grams, while silver was at ₹1,77,280 per kg. Prices varied slightly across major cities. For instance, in Mumbai, 24-karat gold was priced at ₹1,37,070 per 10 grams, while in Delhi, it was ₹1,36,830 per 10 grams. Silver prices in Mumbai and Delhi were ₹1,76,960 per kg and ₹1,76,650 per kg, respectively.
Similar trends were observed in other cities like Bengaluru, Kolkata, Chennai, Hyderabad, Ahmedabad, and Coimbatore, where gold and silver prices aligned with national trends. The data was sourced from bullion websites and reflects the market conditions as of November 15.