22 November,2025 10:47 AM IST | Mumbai | mid-day online correspondent
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Gold prices fell in the domestic futures market on Saturday, November 22, tracking losses in the international bullion trade as investors adjusted their expectations for a possible US Federal Reserve rate cut next month. The shift followed stronger-than-expected labour market data from the United States, which pushed global precious metal prices lower.
In the national capital, gold prices declined by Rs 600 to Rs 1,26,100 per 10 grams, according to the All India Sarafa Association. Gold of 99.5 per cent purity also slipped by Rs 600, settling at Rs 1,25,500 per 10 grams inclusive of all taxes. Silver prices, too, saw a sharp fall, dropping by Rs 2,000 to Rs 1,56,000 per kilogram.
Internationally, bullion remained under pressure. Spot gold was down 0.38 per cent at USD 4,061.91 per ounce, while silver futures fell 2.13 per cent to USD 49.56 per ounce. Renisha Chainani, Head of Research at Augmont, said the decline was largely driven by the latest US nonfarm payroll data. The Labour Department's report, which had been delayed due to the federal government shutdown, showed that nonfarm payrolls increased by 119,000 in September - more than twice the estimated 50,000. She explained that the strong jobs data reduced the likelihood of a rate cut in December, keeping precious metals subdued.
Despite the weakness in global markets, domestic futures pared losses later in the day, supported by a sharp depreciation of the Indian rupee against the US dollar. On the Multi Commodity Exchange, the most-traded December contract rose by â¹1,168, or 0.95 per cent, to close at Rs 1,23,895 per 10 grams. The February contract also gained Rs 1,071, or 0.86 per cent, ending at Rs 1,25,405 per 10 grams.
Jateen Trivedi, VP Research Analyst for Commodity and Currency at LKP Securities, said gold witnessed significant volatility. He noted that while Comex gold dropped 1 per cent to USD 4,035, domestic MCX gold gained due to the rupee weakening from 88.70 to 89.60. According to him, the weak rupee offset global pressure and kept local prices comparatively firm. Trivedi added that gold is expected to remain volatile in the range of Rs 1,20,000 to Rs 1,24,000 per 10 grams in the near term.
City-wise gold rates (24K and 22K) on November 22
Across major Indian cities, gold prices largely hovered around similar levels on Saturday. In Bengaluru, 24-carat gold was priced at Rs 1,24,190 per 10 grams, while 22-carat gold stood at Rs 1,13,860. In Bhubaneswar, rates were Rs 1,24,000 and Rs 1,13,670, respectively. Chennai and Coimbatore both recorded prices of Rs 1,24,160 for 24-carat gold and Rs 1,13,830 for 22-carat. Delhi saw 24-carat gold at Rs 1,26,100 and 22-carat at Rs 1,25,500. Hyderabad reported prices of Rs 1,24,120 and Rs 1,13,790, while Kolkata recorded Rs 1,24,090 and Rs 1,13,760. In Mumbai and Pune, 24-carat gold was priced at Rs 1,24,110 and 22-carat at Rs 1,13,780. Mysore matched Bangalore, with 24-carat gold at Rs 1,24,190 and 22-carat at Rs 1,13,860.
