Gold and silver prices witnessed sharp fluctuations on Friday as global economic uncertainty and expectations of tighter US monetary policy continued to influence the bullion market. Although international gold prices recovered modestly after a steep decline in the previous session, the broader market sentiment remained cautious. Domestic gold and silver rates also reflected the volatility, with investors keeping a close watch on inflation data and movements in the US dollar.
The latest retail rates placed 24-karat gold at ₹1,37,300 per 10 grams in Delhi, while 22-karat gold was available at ₹1,25,858. Silver prices remained close to ₹1.80 lakh per kilogram, with 999-purity silver quoted at ₹1,79,630 in the national capital.
The recent correction has drawn attention from both jewellery buyers and investors. Gold, traditionally considered a safe-haven asset during uncertain times, has come under pressure as expectations of higher interest rates have strengthened. Silver has also experienced considerable selling, reflecting concerns over investment demand and the global industrial outlook.
Gold rates continued to differ across Indian cities on November 13, with Chennai recording the highest prices among the markets compared.
In Delhi, 24-karat gold was priced at ₹1,37,300 per 10 grams, while 22-karat gold stood at ₹1,25,858. Mumbai recorded a 24-karat gold rate of ₹1,37,880 and a 22-karat rate of ₹1,26,390. In Kolkata, 24-karat gold was available at ₹1,37,700, while the 22-karat variety was priced at ₹1,26,225 per 10 grams.
In Bengaluru, the price of 24-karat gold stood at ₹1,37,390, while 22-karat gold was quoted at ₹1,26,491. Hyderabad reported higher rates, with 24-karat gold at ₹1,38,100 and 22-karat gold at ₹1,26,592. Chennai recorded 24-karat gold at ₹1,38,280 per 10 grams and 22-karat gold at ₹1,26,757.
The variation in retail prices is influenced by local taxes, transportation costs, jeweller margins and other regional factors. Buyers should also account for GST and making charges, which are generally added to the final jewellery bill. While 24-karat gold is the purest form of the metal, 22-karat gold is widely used in jewellery manufacturing because it is more durable.
Silver prices remained under pressure following the recent decline in international markets. On Friday, 999-purity silver was priced at ₹1,79,630 per kilogram in Delhi. Mumbai recorded a rate of ₹1,80,580, while Kolkata reported ₹1,80,340 per kilogram.
In Bengaluru, silver was quoted at ₹1,80,720 per kilogram. Hyderabad recorded a price of ₹1,80,870, while Chennai remained the costliest among these cities at ₹1,81,110 per kilogram.
Silver has faced additional pressure because of its dual role as a precious metal and an industrial commodity. Apart from investment demand, its prices are influenced by industrial consumption, particularly in sectors such as electronics, solar energy and manufacturing. Any concerns about global economic growth can therefore affect silver more sharply than gold.
The domestic futures market reflected the uncertain sentiment surrounding bullion. December gold futures on the Multi Commodity Exchange (MCX) were quoted at ₹1,36,279 per 10 grams in the latest reported market update, registering a decline of ₹3,437 or 2.46% from the previous close.
December silver futures also came under pressure, falling ₹5,677 or 3.08% to ₹1,78,848 per kilogram.
An earlier morning update, however, showed a different trend. MCX gold futures were trading at ₹1,37,790 per 10 grams, gaining 0.71%, while silver futures rose around 0.40% to ₹1,80,270 per kilogram. The contrasting figures underline the volatility in bullion trading during the session.
The biggest factor influencing the precious metals market is the changing outlook for US interest rates. Stronger-than-expected inflation data has raised concerns that the US Federal Reserve may keep borrowing costs elevated or consider another rate increase in December.
Market expectations reflected the possibility of further monetary tightening. According to the CME FedWatch tool, traders were pricing in an 89% probability of a 25-basis-point rate hike in December, while the probability of a 50-basis-point increase stood at 11%.
Higher interest rates generally weigh on gold and silver because neither asset offers regular interest income. As bond yields increase, investors may prefer fixed-income instruments that provide returns. A stronger US dollar has also made dollar-denominated precious metals more expensive for buyers using other currencies, adding to the selling pressure.
Meanwhile, rising crude oil prices have revived concerns about inflation. Geopolitical uncertainty, including tensions involving the US and Iran, has further complicated the outlook for global financial markets.
International gold prices staged a modest recovery on Friday after touching their lowest level since October 2025 in the previous session. Spot gold rose around 1% to $3,915.31 per ounce, while US gold futures for December delivery gained 0.9% to $3,919.60 per ounce.
However, the recovery did little to offset the losses recorded during the week. Gold remained down approximately 3.5% on a weekly basis. Some investors returned to the market to take advantage of lower prices, supporting the modest rebound.
Silver also recovered around 1% to $50.49 per ounce but remained on course for a weekly decline. Investors are now tracking US Producer Price Index data for further clues about inflation and the Federal Reserve’s monetary policy.