Gold Rate Today, November 18: Prices of gold and silver fell in India for a fourth straight session on Tuesday, amid a firm dollar and diminished prospects of a US interest rate cut next month. In Mumbai,
the price of 24-carat gold stood at Rs 1,25,410 per 10 grams, while 22k gold was available at Rs 1,15,960 per 10 grams. These rates do not include GST and making charges. Silver was available at Rs 1,66,900 per kg.
On the MCX, gold fell by 0.94% to trade at Rs 1,21,740 per 10 grams for the December 5 contracts in the futures market, while silver was trading lower by 1.62% to trade at Rs 1,52,800 per kg.
What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On November 18?
| City | 22K Gold (per 10gm) | 24K Gold (per 10gm) |
|---|---|---|
| Delhi | Rs 1,15,110 | Rs 1,25,560 |
| Jaipur | Rs 1,15,110 | Rs 1,25,560 |
| Ahmedabad | Rs 1,15,410 | Rs 1,25,900 |
| Pune | Rs 1,15,960 | Rs 1,25,410 |
| Mumbai | Rs 1,15,960 | Rs 1,25,410 |
| Hyderabad | Rs 1,15,960 | Rs 1,25,410 |
| Chennai | Rs 1,15,960 | Rs 1,25,410 |
| Bengaluru | Rs 1,15,960 | Rs 1,25,410 |
| Kolkata | Rs 1,15,960 | Rs 1,25,410 |
“The dollar was a bit stronger today and also some of the speculative length has been reduced this past week. The gold market is going to consolidate for now,” said Marex analyst Edward Meir, according to Reuters.
The dollar held steady against its rivals after a sharp rise in the previous session. A stronger dollar makes gold more expensive for other currency holders.
Last week, lawmakers reached an agreement to end what had become the longest-ever US government shutdown, during which an absence of official economic data helped dampen expectations for another rate cut from the Federal Reserve in December.
US Fed Vice Chair Philip Jefferson said on Monday the US central bank needed to “proceed slowly” with further rate cuts, denting expectations for a decrease next month.
Non-yielding gold tends to do well in a low-interest-rate environment and during times of economic uncertainties.
Focus this week will be on US data releases, including the September nonfarm payrolls report on Thursday, for clues on the health of the world’s largest economy.
What Factors Affect Gold Prices In India?
International market rates, import duties, taxes, and fluctuations in exchange rates primarily influence gold prices in India. Together, these factors determine the daily gold rates across the country.
In India, gold is deeply cultural and financial. It is a preferred investment option and is key to celebrations, particularly weddings and festivals.
With constantly changing market conditions, investors and traders monitor fluctuations closely. Staying updated is crucial for effectively navigating dynamic trends.
