Gold lost 4.5% over the week, the biggest weekly drop since June, as investors weighed the prospect of higher US interest rates and the risk that rising oil prices could feed inflation. In global trading, spot gold rose 0.1% to $3,879.71 an ounce as of 1905 GMT, after briefly touching a session high of $3,922.97 when US producer price index data was released. US gold futures for December delivery settled largely unchanged at $3,886.30 an ounce.
Spot silver fell 1.9% to $49.05 an ounce. Platinum declined 1.9% to $1,490.06 an ounce, while palladium gained 1.1% to $1,004.40 an ounce. Silver, platinum and palladium were also on course for weekly losses, alongside gold.
The pullback in gold came as investors focused on the US Federal Reserve’s policy path and on energy costs. The concern was that the Fed appeared poised to raise interest rates and that higher oil prices could push inflation higher. Those factors weighed on bullion during the week, even as spot gold edged higher in the latest session.
For Indian buyers, retail rates on November 15 put 24K gold in a narrow band across the eight major cities covered here, from ₹1,36,830 per 10 grams in Delhi to ₹1,37,470 per 10 grams in Chennai and Coimbatore. The reference bullion price was ₹1,37,320 per 10 grams. Silver 999 fine ranged from ₹1,76,650 per kilogram in Delhi to ₹1,77,470 per kilogram in Chennai and Coimbatore, against a reference price of ₹1,77,280 per kilogram.
The rates cover 24-karat, 22-karat and 18-karat gold and 999 fine silver. The city-level quotes below show how retail prices compared on the day.
| City | 24K gold (₹ per 10g) | 22K gold (₹ per 10g) | 18K gold (₹ per 10g) | 999 silver (₹ per kg) |
|---|---|---|---|---|
| Mumbai | 1,37,070 | 1,25,648 | 1,02,803 | 1,76,960 |
| Delhi | 1,36,830 | 1,25,428 | 1,02,623 | 1,76,650 |
| Bengaluru | 1,37,180 | 1,25,748 | 1,02,885 | 1,77,090 |
| Kolkata | 1,36,890 | 1,25,483 | 1,02,668 | 1,76,720 |
| Chennai | 1,37,470 | 1,26,014 | 1,03,103 | 1,77,470 |
| Hyderabad | 1,37,290 | 1,25,849 | 1,02,968 | 1,77,240 |
| Ahmedabad | 1,37,250 | 1,25,813 | 1,02,938 | 1,77,190 |
| Coimbatore | 1,37,470 | 1,26,014 | 1,03,103 | 1,77,470 |
Mumbai, Delhi and Bengaluru
Mumbai quoted 24K gold at ₹1,37,070 per 10 grams, 22K at ₹1,25,648 and 18K at ₹1,02,803. Silver 999 fine in Mumbai was ₹1,76,960 per kilogram.
Delhi had the lowest 24K quote among the eight cities at ₹1,36,830 per 10 grams. The capital’s 22K rate was ₹1,25,428 and the 18K rate was ₹1,02,623. Silver 999 fine was ₹1,76,650 per kilogram, also the lowest among the cities listed.
Bengaluru (Bangalore) quoted 24K gold at ₹1,37,180 per 10 grams. The 22K rate was ₹1,25,748 and the 18K rate was ₹1,02,885. Silver 999 fine was ₹1,77,090 per kilogram.
Kolkata, Chennai and Hyderabad
Kolkata’s 24K gold rate was ₹1,36,890 per 10 grams, with 22K at ₹1,25,483 and 18K at ₹1,02,668. Silver 999 fine in the city was ₹1,76,720 per kilogram.
Chennai and Coimbatore shared the highest 24K quote in the set at ₹1,37,470 per 10 grams. In Chennai, 22K gold was ₹1,26,014 and 18K was ₹1,03,103. Silver 999 fine was ₹1,77,470 per kilogram.
Hyderabad quoted 24K gold at ₹1,37,290 per 10 grams. The city’s 22K rate was ₹1,25,849 and the 18K rate was ₹1,02,968. Silver 999 fine was ₹1,77,240 per kilogram.
Ahmedabad and Coimbatore
Ahmedabad’s 24K gold rate was ₹1,37,250 per 10 grams, with 22K at ₹1,25,813 and 18K at ₹1,02,938. Silver 999 fine was ₹1,77,190 per kilogram.
Coimbatore matched Chennai’s rates. Its 24K gold quote was ₹1,37,470 per 10 grams, 22K was ₹1,26,014 and 18K was ₹1,03,103. Silver 999 fine was ₹1,77,470 per kilogram.
What the city rates show
Across the eight cities, the 24K gold quotes spanned a ₹640 range per 10 grams between Delhi and Chennai/Coimbatore. The 22K range was ₹586, from ₹1,25,428 in Delhi to ₹1,26,014 in Chennai and Coimbatore. For 18K, the range was ₹480, from ₹1,02,623 in Delhi to ₹1,03,103 in Chennai and Coimbatore.
Silver 999 fine spanned ₹820 per kilogram, from ₹1,76,650 in Delhi to ₹1,77,470 in Chennai and Coimbatore. Mumbai’s silver quote was ₹310 per kilogram above Delhi’s and ₹510 below Chennai’s and Coimbatore’s.
The city quotes were within a relatively narrow band and followed the broad national trend, while the global weekly decline in gold was far larger at 4.5%. The comparison is based on the quoted retail rates for the day.
Gold’s weekly move was the dominant price signal for the period. The metal’s 4.5% decline was the largest since June, and it came in a week when silver, platinum and palladium also headed for weekly losses. Spot gold’s modest 0.1% gain in the latest session left it at $3,879.71 an ounce, below the session high of $3,922.97 reached after the US producer price index release. December futures ended at $3,886.30 an ounce.
For households tracking gold and silver for purchases or investment, the November 15 quotes provide a city-wise reference. The 24K rates ranged from ₹1,36,830 to ₹1,37,470 per 10 grams, while 999 fine silver ranged from ₹1,76,650 to ₹1,77,470 per kilogram. The 22K and 18K rates were lower than the 24K quotes in every city listed.
The rates are for information and comparison; investors should consult certified experts before making investment decisions.