Gold Rates in India Fall on November 20: Gold prices in India slipped sharply on November 20 as global cues turned uncertain and investors shifted focus toward economic data and equity market movement.
Gold Rates in India Drop on November 20
Gold prices across India lost their recent upward momentum and saw a notable decline. The fall came as global markets reacted to lower expectations of interest rate cuts and awaited fresh job data from the United States. Equity markets also strengthened, adding pressure on precious metal demand.
24 Carat Gold Prices
On November 20, 24 carat gold recorded a sizeable drop. Prices for 100 grams slipped by Rs 1,700 to Rs 12,46,900. For 10 grams, the rate fell by Rs 170 to Rs 1,24,690. Prices for 8 grams stood at Rs 99,752 after a decline of Rs 136. The lowest price per gram was Rs 12,469, down by Rs 17 from the previous day.
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22 Carat Gold Prices
Rates for 22 carat gold also moved sharply lower. The price of 100 grams decreased by Rs 1,500 to Rs 11,43,000. For 10 grams, the price dropped by Rs 150 to Rs 1,14,300. The 8-gram price settled at Rs 91,440, lower by Rs 120. A single gram fell by Rs 15 to Rs 11,430.
18 Carat Gold Prices
The 18 carat category recorded a softer decline compared to higher purity segments. Prices for 100 grams reached Rs 9,35,200 after falling by Rs 1,200. Rates for 10 grams moved down by Rs 120 to Rs 93,250. For 8 grams, the price stood at Rs 74,816 after a Rs 96 fall, and one gram eased to Rs 9,352.
Why Gold Prices Are Falling
Analysts noted that global gold experienced high volatility in recent sessions. Prices briefly rose above the 4100-dollar level on Comex due to geopolitical tensions. However, gains were quickly reversed after the release of the US Federal Reserve meeting minutes, which hinted at limited chances of immediate rate cuts. Traders are now watching the upcoming non-farm payroll figures to gauge future economic direction.
Indian gold prices have closely followed global trends, though domestic demand remains firm due to wedding season buying. Industry experts say that even with reduced optimism about rate cuts, gold continues to attract long-term investors looking for safety during uncertain periods.
Silver Prices in India: Sharp Correction
Silver saw an even steeper correction than gold. The price for 1 kilogram fell by Rs 3,000 to Rs 1,65,000. Rates for 100 grams and 10 grams settled at Rs 16,500 and Rs 1,650, marking drops of Rs 300 and Rs 30 respectively. The lowest available price stood at Rs 165 per gram.
Factors Influencing Silver Prices
Market experts explained that global indicators for silver remain mixed, leading to short-term volatility. However, domestic interest in silver for jewellery and investment has prevented a deeper fall. A blend of safe-haven demand and seasonal buying continues to support current levels, although price swings are expected to remain frequent.
