Gold falls 4.1% on MCX to Rs 1.36 lakh, silver slides nearly 5%
MCX gold fell 4.1% to Rs 1.36 lakh and silver nearly 5% to Rs 1.76 lakh this week as Fed rate fears and inflation worries hit bullion. City rates inside.
Livefeed News DeskUpdated · 2 min read
Quick answer
Gold fell 4.1% to Rs 1.36 lakh and silver slid nearly 5% to Rs 1.76 lakh on MCX over the week. Spot gold lost 4.5%, its biggest weekly drop since June, amid investor concern that the US Federal Reserve may raise interest rates and higher oil prices could lift inflation.
Key facts
- MCX gold dropped 4.1% to Rs 1.36 lakh; silver fell nearly 5% to Rs 1.76 lakh.
- Spot gold slumped 4.5% for the week, the most since June.
- Spot silver fell 1.9% to $49.05 an ounce on Friday.
- On 15 November, gold bullion traded at Rs 1,37,320 per 10 grams and silver at Rs 1,77,280 per kg.
- Analysts expect inflation data, Fed signals and US-Iran tensions to keep prices volatile.
How far prices fell
Gold prices on the Multi Commodity Exchange fell 4.1% to Rs 1.36 lakh, while silver slid nearly 5% to Rs 1.76 lakh. Globally, spot gold slumped 4.5% this week, its sharpest weekly fall since June, and silver, platinum and palladium were also headed for weekly losses, Mint reported, citing Reuters.
On Friday, spot gold edged up 0.1% to $3,879.71 an ounce as of 1905 GMT, after briefly touching $3,922.97 when US Producer Price Index data came out. US gold futures for December delivery settled largely unchanged at $3,886.30. Spot silver fell 1.9% to $49.05 an ounce and platinum lost 1.9% to $1,490.06, while palladium rose 1.1% to $1,004.40.
Why bullion is under pressure
Investors are worried that the Federal Reserve seems poised to raise interest rates and that higher oil prices could push up inflation, according to a Bloomberg report cited by Mint. Analysts say inflation figures from key economies, signals from the Fed and developments in West Asia, including US-Iran tensions, could keep gold and silver volatile in the coming week.
Gold and silver rates in Indian cities
On 15 November, gold bullion was trading at Rs 1,37,320 per 10 grams and silver at Rs 1,77,280 per kg, according to bullion data cited by Mint.
Mumbai and Delhi
In Mumbai, 24-carat gold cost Rs 1,37,070 per 10 grams, 22-carat Rs 1,25,648 and 18-carat Rs 1,02,803; silver 999 fine was Rs 1,76,960 per kg. In Delhi, 24-carat gold was Rs 1,36,830 per 10 grams and 22-carat Rs 1,25,428, with silver at Rs 1,76,650 per kg.
Bengaluru, Kolkata and Chennai
Bengaluru's 24-carat rate was Rs 1,37,180 per 10 grams and silver Rs 1,77,090 per kg. Kolkata quoted Rs 1,36,890 for 24-carat gold and Rs 1,76,720 for silver, while Chennai was slightly higher at Rs 1,37,470 and Rs 1,77,470.
Jewellery rates held steady elsewhere
BusinessLine's retail data showed jewellery gold rates unchanged on the day: 22-carat gold was Rs 12,695 a gram nationally, Rs 12,665 in Nagpur and Indore, and Rs 12,719 in Surat and Jaipur. Rates vary slightly between data providers.
Frequently asked questions
How much did gold fall on MCX?
Gold fell 4.1% to Rs 1.36 lakh on MCX.
Why are gold and silver prices falling?
Investors fear the US Fed may raise interest rates and that higher oil prices could fuel inflation.
What is the silver rate today?
Silver was trading at Rs 1,77,280 per kg on 15 November, with city rates ranging from about Rs 1,76,650 in Delhi to Rs 1,77,470 in Chennai.
Will gold prices stay volatile?
Analysts say inflation data, Fed signals and US-Iran tensions could keep bullion volatile next week.
