Precious metal prices, including gold and silver, experienced a decline on November 12, 2026. This dip occurred across various purities—24-carat, 22-carat, and 18-carat gold—even as India observed healthy festive demand, with consumers making significant Diwali purchases.
The benchmark rate for gold stood at ₹1,39,300 per 10 grams. Silver, which had seen an uninterrupted bull run in 2025, continued its downward trend, falling further from the ₹2-lakh mark to trade at ₹1,82,820 per kilogram. This reversal for silver reflects broader market shifts.
Factors Influencing Precious Metal Rates
Several global and domestic factors are currently shaping the trajectory of gold and silver prices in India. International spot bullion trends play a significant role, as do the dynamics of the USD/INR currency exchange rate. Anticipatory retail demand, especially ahead of peak festival shopping seasons, also influences local pricing.
The recent slip in silver prices is attributed to a combination of surging crude oil prices and persistent inflation fears. These elements are fueling expectations of further interest rate hikes by the US Federal Reserve, which typically makes non-yielding assets like gold less attractive. Additionally, global economic risks and rising geopolitical tensions in the West Asia region are contributing to market volatility.
MCX Futures and Retail Market Details
On the Multi Commodity Exchange (MCX), gold futures were down by 0.67%, settling at ₹1,38,752 per 10 grams at the time of reporting. Silver futures also saw a notable drop of 1.31%, trading around ₹1,82,103 per kilogram.
In the physical retail market, consumers primarily purchase gold in 24-karat and 22-karat options. While 24-karat is considered pure gold, 22-karat remains the preferred choice for crafting ornaments due to its enhanced durability from mixed alloys. Retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the metal's value, alongside a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across different states.
City-Wise Gold and Silver Rates (November 12, 2026)
Here’s a snapshot of gold and silver rates across key Indian cities:
- Delhi: 24K Gold at ₹1,38,800/10gm, 22K Gold at ₹1,27,233/10gm. Silver at ₹18,217/100gm (₹1,82,170/kg).
- Mumbai: 24K Gold at ₹1,39,070/10gm, 22K Gold at ₹1,27,481/10gm. Silver at ₹18,263/100gm (₹1,82,630/kg).
- Kolkata: 24K Gold at ₹1,38,880/10gm, 22K Gold at ₹1,27,307/10gm. Silver at ₹18,239/100gm (₹1,82,390/kg).
- Bengaluru: 24K Gold at ₹1,39,180/10gm, 22K Gold at ₹1,27,582/10gm. Silver at ₹18,278/100gm (₹1,82,780/kg).
- Hyderabad: 24K Gold at ₹1,39,290/10gm, 22K Gold at ₹1,27,683/10gm. Silver at ₹18,292/100gm (₹1,82,920/kg).
- Chennai: 24K Gold at ₹1,39,470/10gm, 22K Gold at ₹1,27,848/10gm. Silver at ₹18,316/100gm (₹1,83,160/kg).
Leading Jeweler Rates
Major retail chains maintained relatively stable prices on November 12, 2026. Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹12,815 per gram across most states. Tanishq listed its 22K gold rate at ₹13,065 per gram. For 24-carat gold, Malabar quoted ₹13,980 per gram, while Tanishq's 24K rate was estimated at ₹14,253 per gram.
Minor disparities in retail rates among brands can arise from store-level pricing structures, inventory acquisition costs, and regional logistics, even as global commodity trends dictate the overall market direction.