Gold Prices Slip While Silver Continues to Surge: Latest Rates Across Major Cities

Gold prices in India continued their downward trend on 28 November, driven by profit booking, weak global cues, and reduced domestic demand. While the yellow metal lost momentum, silver maintained its upward push, reflecting strong investor interest amid expectations of further interest rate cuts in the United States.

As global and domestic factors jointly influence the bullion market, the latest movement in gold and silver has caught the attention of investors, jewellers, and traders alike. Here is a detailed look at the latest rates across major Indian cities and the broader market trends shaping these price movements.

Gold Prices Fall Across Key Markets

In the national capital, the price of 24-carat gold dropped to ₹127,890 per 10 grams, marking a noticeable decline from previous sessions. The 22-carat variant in Delhi is currently priced at ₹117,240 per 10 grams, reflecting similar pressure in the wider market.

The dip in prices is largely attributed to continued profit booking by investors, subdued domestic buying, and a softer international market. In the global arena, spot gold prices slipped to $4,158.38 per ounce, signalling a broader decline in sentiment.

Rates in Major Cities

Gold prices showed a uniform pattern of decline across major metropolitan cities. Here are the latest rates:

• Mumbai:

  • 22-carat: ₹117,090 per 10 grams

  • 24-carat: ₹127,740 per 10 grams

• Chennai:

  • 22-carat: ₹117,090 per 10 grams

  • 24-carat: ₹127,740 per 10 grams

• Kolkata:

  • 22-carat: ₹117,090 per 10 grams

  • 24-carat: ₹127,740 per 10 grams

• Ahmedabad:

  • 22-carat: ₹117,140 per 10 grams

  • 24-carat: ₹127,790 per 10 grams

• Jaipur, Lucknow, Chandigarh:

  • 22-carat: ₹117,240 per 10 grams

  • 24-carat: ₹127,890 per 10 grams

• Pune & Bengaluru:

  • 22-carat: ₹117,090 per 10 grams

  • 24-carat: ₹127,740 per 10 grams

Overall, the price pattern remains consistent across regions, with only minor variations between cities.

Why Are Gold Prices Falling?

The weakness in gold largely stems from global economic signals. With investors anticipating possible interest rate cuts by the U.S. Federal Reserve in its upcoming December meeting, the immediate appeal of gold has softened.

Lower interest rates usually weaken bond yields, pushing investors toward safe-haven assets like gold and silver. However, the current expectation of policy adjustments has created short-term volatility, leading to profit booking and temporary corrections.

The Federal Open Market Committee (FOMC) is scheduled to meet on 9–10 December, and market participants are closely watching for cues. If the Fed announces additional rate cuts, gold prices may regain traction in the coming weeks.

Silver Prices Continue to Shine

Contrary to gold, silver has maintained steady growth. As of 28 November, silver prices stand at ₹173,100 per kilogram, marking a firm upward trajectory.

Notably, global investor sentiment for silver has been buoyed by predictions from financial author and businessman Robert Kiyosaki, who believes that silver could reach $70 per ounce soon, and potentially even $200 per ounce by 2026. Such forecasts have supported strong buying interest among investors seeking alternative safe assets.

What Lies Ahead?

With global monetary policies at a turning point and demand patterns shifting, the bullion market may experience further fluctuations in the short term. However, if the U.S. Federal Reserve signals a decisive move toward rate cuts, both gold and silver could see renewed momentum.

For now, investors are advised to track international cues closely, compare local rates before buying, and stay mindful of short-term volatility in the precious metals market.