Gold and silver prices witnessed a sharp decline on Thursday, November 12, 2026, as precious metals came under pressure amid a stronger US dollar, higher inflation concerns and growing expectations of interest rate hikes by the US Federal Reserve.
Gold prices fell to their lowest level in more than a week, while silver also witnessed selling pressure in domestic and international markets. The decline comes after precious metals had rallied during the festive season, with investors now keeping a close watch on global economic developments.
According to Livemint, gold bullion was trading at Rs 1,39,510 per 10 grams on Thursday, while silver stood at Rs 1,83,010 per kg.
Meanwhile, on the Multi Commodity Exchange (MCX), December gold futures were trading at Rs 1,38,740 per 10 grams at around 10:22 am, down Rs 976 or 0.70% from the previous close. Silver futures were trading at Rs 1,82,300 per kg, down Rs 2,225 or 1.21%.
Why are gold and silver prices falling today?
Gold prices came under pressure as stronger-than-expected US inflation data raised concerns that the Federal Reserve could increase interest rates further.
A stronger US dollar also weighed on precious metals, making dollar-denominated gold more expensive for buyers using other currencies.
In international markets, spot gold slipped 0.2% to $3,977.99 per ounce, while US gold futures for December delivery declined 0.4% to $3,983.20 per ounce in early trading.
Market participants are closely monitoring US inflation figures, interest rate expectations and movements in the dollar, all of which influence gold and silver prices.
Gold rates today, November 12: 24K, 22K and 18K prices
Here are the latest indicative retail gold prices across major Indian cities, according to bullion data reported by Livemint.
| City | 24K gold (10g) | 22K gold (10g) | 18K gold (10g) |
|---|---|---|---|
| mumbai | Rs 1,39,250 | Rs 1,27,646 | Rs 1,04,438 |
| Delhi | Rs 1,39,010 | Rs 1,27,426 | Rs 1,04,258 |
| Bengaluru | Rs 1,39,360 | Rs 1,27,747 | Rs 1,04,520 |
| Chennai | Rs 1,39,650 | Rs 1,28,013 | Rs 1,04,738 |
| Kolkata | Rs 1,39,060 | Rs 1,27,472 | Rs 1,04,295 |
| Hyderabad | Rs 1,39,450 | Rs 1,27,829 | Rs 1,04,588 |
| Ahmedabad | Rs 1,39,410 | Rs 1,27,793 | Rs 1,04,558 |
| Coimbatore | Rs 1,39,630 | Rs 1,27,994 | Rs 1,04,723 |
Silver rates today, November 12: Check city-wise prices
Silver prices also declined on Thursday as investors reacted to global market developments.
Here are the indicative prices of 999 fine silver across major Indian cities.
| City | Silver price per kg |
|---|---|
| mumbai | Rs 1,82,680 |
| Delhi | Rs 1,82,580 |
| Bengaluru | Rs 1,83,040 |
| Chennai | Rs 1,83,430 |
| Kolkata | Rs 1,82,650 |
| Hyderabad | Rs 1,83,320 |
| Ahmedabad | Rs 1,83,270 |
| Coimbatore | Rs 1,83,560 |
Will gold and silver prices fall further?
Gold and silver prices remain sensitive to developments in international markets, particularly the US dollar, inflation data and interest rate expectations.
Higher interest rates generally weigh on gold because the precious metal does not offer interest income. A stronger dollar can also reduce demand from overseas buyers.
However, changes in geopolitical tensions, central bank purchases and investor demand could influence the direction of precious metal prices in the coming sessions.
For buyers planning to purchase gold or silver, retail prices may vary depending on the city, jeweller, purity, GST and making charges.