Gold prices dip across multiple Indian cities as international markets fall

Gold prices dropped across several cities in India, following a decline in international markets driven by inflation worries and questions about the US Federal Reserve's interest rate plans. In global markets, spot gold traded at $4,114.720 per ounce, down 0.61 percent, according to TradingView data as of 8:51 am. In domestic retail markets, 22-carat gold in India stood at ₹13,095 for 1 gram and ₹1,04,760 for 8 grams, marking a drop of ₹195 and ₹1,560 respectively. Cities like Coimbatore, Visakhapatnam, and Madurai saw 22-carat gold at ₹13,015 for 1 gram and ₹1,04,120 for 8 grams, with 24-carat gold at ₹13,666 per gram. Nagpur and Indore recorded 22-carat gold at ₹13,065 per gram and 24-carat gold at ₹13,718 per gram. Meanwhile, Surat, Jaipur, and Vadodara logged higher rates, with 22-carat gold at ₹13,119 per gram and 24-carat gold at ₹13,775 per gram. Lucknow, Chandigarh, and Ludhiana priced 22-carat gold at ₹13,115 per gram and 24-carat gold at ₹13,771 per gram. Bhubaneswar and Patna reported 22-carat gold at ₹13,165 per gram and 24-carat gold at ₹13,823 per gram. MCX gold futures for December 4 closed 0.04 percent lower at Rs.1,43,106 per 10 grams, while silver futures fell 0.06 percent to Rs.1,87,015 per kg after festive buying during Dhanteras and Diwali. Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, noted that gold prices rebounded above $4,100 as investors reviewed US employment data and Treasury yields. October non-farm payrolls rose by 165,000, and the unemployment rate dropped to 4.1 percent.

Context

Gold prices in India frequently fluctuate based on international market trends, currency exchange rates, and domestic seasonal demand during festivals like Diwali. Different cities often show minor price variations due to local taxes, transport costs, and state-level levies applied by local bullion associations.