Gold Prices Slip for the Second Day, Check Latest Rates in 10 Major Cities and What May Drive the Market Ahead

Gold prices in India continued to ease for the second consecutive day, while silver extended its upward trend. Ahead of the upcoming monetary policy announcement by the US Federal Reserve, the bullion market is witnessing noticeable volatility. Investors are closely tracking global cues as expectations of a possible rate cut continue to influence sentiment. Here is a detailed look at today’s gold and silver rates across ten major cities and the key factors that may impact their movement in the coming days.

Gold Extends Decline, Silver Gains Momentum

In the Indian market, gold prices slipped again today, marking the second straight day of decline. Meanwhile, silver prices strengthened for the second day in a row after a brief correction.
In the national capital, 24-carat gold fell by ₹10 per 10 grams today, while 22-carat gold dropped by ₹980 per 10 grams. Over the last two days, 24-carat gold has become cheaper by ₹990 per 10 grams, whereas 22-carat gold has slipped by ₹910 per 10 grams.

Silver, on the other hand, continued its upward momentum. In Delhi, silver has gained ₹1,100 per kilogram over the past two days after a drop of ₹1,000 per kg the day before. The metal has shown consistently high volatility this week.

Impact of US Federal Reserve Policy

The Federal Reserve’s meeting, scheduled for December 9–10, is in focus as traders anticipate the possibility of an interest rate cut. If the Fed chooses to reduce rates, gold prices could witness a sharp rise. Lower interest rates reduce the appeal of interest-bearing assets such as bonds, prompting investors to shift toward safe-haven assets like gold.

City-Wise Gold Prices Today

Here are the latest 10-gram gold rates for 24-carat, 22-carat and 18-carat purity in ten key cities across the country:

Silver Prices Rise for Second Straight Day

Silver prices have shown significant volatility over the past week. In Delhi, silver is currently priced at ₹1,90,100 per kg after rising by ₹100 today. Mumbai and Kolkata markets reflect similar pricing, whereas Chennai continues to record the highest silver rates among major metros at ₹1,99,100 per kg.

Recent movements show sharp fluctuations: silver gained ₹3,000 per kg earlier in the week, dipped by ₹4,000 the next day, remained stable for a session, and then climbed again for two consecutive days.

Why This Week Matters for the Bullion Market

Analysts note that gold and silver prices are likely to remain highly sensitive to multiple global and domestic triggers. Some of the major factors expected to guide the market this week include:

• Signals from the US Federal Reserve’s policy stance

• Economic data from China and the United States

• Movements in the Indian rupee against the US dollar

These elements collectively influence investment demand and price trends for precious metals.

According to market experts, the weakening rupee—approaching the 90-per-dollar mark—has contributed to higher gold prices domestically. Additionally, expectations of central banks increasing their gold purchases and strong inflows from institutional investors could support further price gains.

Prathamesh Mallya of Angel One believes that potential rate cuts, rising central bank demand and increased buying by fund houses may propel gold higher. JM Financial Services’ Pranav Mer adds that traders will closely watch FOMC announcements, commentary from Fed Chair Jerome Powell, China’s economic indicators, inflation numbers and US job market data.

For silver, Mer highlights that strong industrial demand combined with tight supply conditions could push prices even higher, potentially reaching ₹2,00,000 to ₹2,25,000 per kg in the short term.

Conclusion

With gold softening for the second straight day and silver maintaining upward momentum, the bullion market is firmly guided by global economic cues, central bank policies and currency movements. As the Federal Reserve meeting concludes, investors and traders will soon have clearer signals that may set the tone for gold and silver prices in the days ahead.