Gold prices dropped for the second day in a row on November 21.
Weak global signals and a stronger dollar pushed Indian gold prices down across major cities like Delhi, Mumbai, Chennai, and Kolkata.
Silver prices also slipped, causing worry among investors.
Why Gold Prices Dropped
Gold opened at lower levels across the country.
In Delhi, the price of 24-carat gold fell to ₹1,24,400 per 10 grams.
This decline happened because gold weakened in the global market while the dollar gained strength.
Internationally, spot gold prices dropped to $4,061.53 per ounce.
The same trend was seen in other major Indian cities where gold became slightly cheaper.
City-Wise Gold Rates (₹ per 10 grams)
Prices of 22-carat and 24-carat gold saw a decline in several cities:
Delhi: 22-carat at ₹1,14,040; 24-carat at ₹1,24,400
Mumbai, Chennai, Kolkata: 22-carat at ₹1,13,890; 24-carat at ₹1,24,250
Pune & Bengaluru: 22-carat at ₹1,13,890; 24-carat at ₹1,24,250
Other cities like Ahmedabad, Hyderabad, Jaipur, Bhopal, Lucknow, and Chandigarh also recorded similar price drops.
Future Outlook for Gold Prices
Global financial firms expect gold prices to rise in the long run.
Goldman Sachs predicts gold could reach $4,900 per ounce by December 2026.
ANZ expects gold to touch $4,600 per ounce by mid-next year.
Silver Prices Also Decline
Silver followed the same trend as gold.
Prices in India fell to ₹1,64,900 per kilogram.
In the global market, silver dropped to $50.73 per ounce, reflecting weak international cues.
Futures Market Trends
The decline continued in the futures market:
Gold (December MCX contract) fell by ₹355 to ₹1,22,372 per 10 grams.
Silver futures dropped sharply by ₹2,111 to ₹1,52,040 per kilogram.
In global futures trading, Comex December gold slipped by 0.14%, reaching $4,054.46 per ounce, while silver fell nearly 2% to $49.34 per ounce.
