Gold prices retreated slightly on November 27 after climbing for two consecutive sessions, as investors weighed rising expectations of a December interest rate cut by the US Federal Reserve. Despite the pullback, the yellow metal continues to trade near its recent highs in both global and domestic markets. Silver, meanwhile, maintained its upward momentum, supported by strong industrial demand, spot-market activity, and improved investor sentiment.
Key Takeaways on Gold and Silver Price Trends in India and Global Markets
- MCX gold and silver prices witnessed mild fluctuations driven by global cues, profit booking, and expectations of monetary easing.
- Spot gold hovered around $4,162 per ounce, boosted by an 85% probability of a December Fed rate cut.
- Domestic prices dipped, with 24K gold at ₹126,020 per 10g and 22K at ₹115,518.
- Silver continued to strengthen, supported by global demand and supply tightness.
- Expert analysis showed bullish structure, with MCX gold holding firm above key EMAs.
- City-wise gold prices remained higher in India compared to Dubai, reflecting import duties and taxes.
- Analysts expect the metals to remain range-bound until clearer Fed signals emerge.
Global Gold Market: Fed Rate-Cut Bets Drive Sentiment
The international gold market remained sensitive to US monetary policy expectations. On November 26, spot gold stood just above $4,162 per ounce for 24-carat purity, up 0.77% from the previous close of $4,130. The surge was largely driven by a sharp increase in the probability of a December rate cut.
According to the CME FedWatch Tool, the chance of the Federal Reserve lowering rates by 25 basis points to the 3.50–3.75% range jumped to 85.3%, compared to only 50.1% a week earlier. This shift came after a mix of economic indicators showed signs of stress in the US economy, strengthening the case for monetary easing.
Despite this, conflicting statements from Federal Reserve officials kept markets cautious. While some policymakers favored easing due to signs of labor-market weakness, others insisted on maintaining rates until inflation declines further. As a result, gold prices experienced minor resistance at intraday levels.
Domestic Market Overview: Gold Prices Cool After Two-Day Rise
In India, gold prices cooled on November 27 after climbing for two previous sessions. At the national level, 24-karat gold was priced at ₹126,020 per 10 grams, down ₹330 or 0.26%. Similarly, 22-karat gold fell to ₹115,518, marking a decline of ₹302.50.
The fluctuation mirrored global trends, although the yellow metal remained close to its recent highs. Gold prices in India also continue to be significantly higher than in Dubai. On November 27, 24K gold in Dubai stood at ₹112,816 per 10 grams — nearly ₹13,204 cheaper, reflecting India’s import duties, taxes, and logistics costs. A similar price gap was seen across 22K and 18K categories.
Also Read: Gold Prices Cross $4 000 for the First Time in History: Experts Warn of Overheating Market
Demand in the domestic market has been supported by the wedding season, which traditionally drives strong jewelry purchases. According to experts, robust spot-market buying, coupled with expectations of an upcoming Fed rate cut, helped maintain bullish undertones in the market.
City-Wise Gold Rates Across India
Gold prices varied among metro cities due to local taxes and making charges. Below is the comparative chart of 24K and 22K prices (per 10 grams):
| City | 24K Gold (₹) | 22K Gold (₹) |
| Delhi | 1,28,070 | 1,17,410 |
| Jaipur | 1,28,070 | 1,17,410 |
| Ahmedabad | 1,27,970 | 1,17,310 |
| Pune | 1,27,910 | 1,17,250 |
| Mumbai | 1,27,920 | 1,17,260 |
| Hyderabad | 1,27,920 | 1,17,260 |
| Chennai | 1,27,920 | 1,17,260 |
| Bengaluru | 1,27,920 | 1,17,260 |
| Kolkata | 1,27,920 | 1,17,260 |
These prices exclude making charges and GST, which vary based on jewellers and state regulations.
MCX Market Performance: Volatility with Strong Bullish Structure
On the Multi Commodity Exchange (MCX), gold futures for December 5 contracts declined 0.32%, trading at ₹1,25,531 per 10g, while silver futures dipped marginally by 0.07% to ₹1,61,156 per kg.
At midday, December gold futures on MCX were recorded at ₹1,25,555, marking a 0.94% fall. The metal touched a low of ₹1,25,107 and a high of ₹1,25,587 during the day.
Despite short-term corrections, analysts indicated a positive long-term outlook. According to Ponmudi R, CEO of Enrich Money, MCX gold futures are consolidating in a tightening structure, holding firmly above the 20-EMA at ₹1,23,466 and the 50-EMA at ₹1,19,894. Repeated higher-low formations signal consistent buying interest at lower levels.
Ponmudi noted immediate resistance at ₹1,26,800–₹1,27,500, with upside potential toward ₹1,29,000–₹1,30,500 if prices break above. On the downside, support lies at ₹1,25,200, extending to a stronger base in the ₹1,24,400–₹1,23,400 zone.
Silver Continues to Shine Amid Global and Domestic Support
Silver demonstrated stronger momentum compared to gold. Spot prices hovered just above $53 per ounce on November 27. On MCX, December silver futures closed at ₹1,67,190, gaining 1.37% from the previous close of ₹1,64,945.
Experts attributed the rise to a combination of factors: robust industrial demand, investor interest amid softer US economic indicators, reduced import supplies, and seasonal domestic demand. According to Aksha Kamboj of IBJA, silver’s dual role as both an investment and industrial metal continues to support its upward trajectory.
Market Outlook Heading Into the December Fed Meeting
The next US Federal Reserve meeting is scheduled for December 9–10, with the policy decision expected on December 10. Analysts believe gold may remain range-bound until the Fed provides clearer guidance.
With Kevin Hassett emerging as a leading contender for the role of Fed Chair — known for his dovish stance — markets anticipate further support for a rate-cut narrative, which historically enhances gold’s performance.
The Broader Implication for Gold Buyers and Investors
As the global economic backdrop remains mixed and domestic demand continues to hold firm, gold and silver prices are likely to fluctuate between key technical levels. Retail investors are advised to monitor global cues, especially Fed policy updates, in addition to domestic price movements driven by duties, taxes, and currency variations.
Where Gold and Silver May Head Next: Expert Perspective
In the current environment, analysts suggest that both metals may continue their upward progression if global financial conditions remain supportive. The Indian wedding season and strong sentiment among investors are expected to contribute to sustained demand.
Overall Market Interpretation for Investors and Traders
Gold and silver markets appear firmly supported by global monetary policy expectations, domestic seasonal demand, and technical strength across MCX and spot markets. Traders may consider monitoring support and resistance zones closely, while long-term investors can view the current environment as conducive for systematic buying.
FAQs on Gold and Silver Prices Today in India
1. Why did gold prices dip today in India?
Gold prices dipped due to mixed US Federal Reserve signals, mild profit-booking, and global uncertainties, even as expectations of a December rate cut increased sharply.
2. What is the current 24K and 22K gold price in major Indian cities?
24K gold is around ₹1,26,000–₹1,28,000, while 22K gold is nearly ₹1,17,000 across major cities, with slight variations due to taxes and making charges.
3. How are Fed rate-cut expectations affecting gold prices globally?
Rising Fed rate-cut expectations, currently above 85%, are supporting global gold prices by weakening the dollar and increasing demand for safe-haven assets.
4. Why is silver gaining momentum in India?
Silver is rising due to strong industrial demand, investor interest, tighter import supplies, and supportive global economic indicators.
5. What is the current MCX outlook for gold and silver?
MCX gold and silver show bullish structure, supported by strong EMAs, seasonal demand, and steady global sentiment, with resistance at higher technical levels.
