Precious metal prices extended their upward momentum on Wednesday as retail demand gained traction ahead of the Dhanteras festive period. In the national capital, 24-carat gold breached the key threshold of Rs 1.40 lakh, reaching Rs 1,40,060 per 10 grams. This made Delhi the sole metro city to cross that valuation mark. Bullion markets across the country recorded widespread price advances across all purity tiers, with participants balancing festive buying against shifting international macroeconomic cues.
Metropolitan Price Comparison Across Purity Grades
In Delhi, prices showed broad-based advances across 24-carat, 22-carat, and 18-carat segments. The 24-carat variety stood at Rs 14,006 per 1 gram and Rs 14,00,600 per 100 grams. For 22-carat metal, retail pricing stood at Rs 12,840 per 1 gram, Rs 1,28,400 per 10 grams, and Rs 12,84,000 per 100 grams. In the 18-carat category, Delhi rates reached Rs 10,508 per 1 gram, Rs 1,05,080 per 10 grams, and Rs 10,50,800 per 100 grams.
Trading across Mumbai, Bangalore, and Hyderabad displayed identical pricing for the standard purity levels. Across these three centres, 24-carat gold settled at Rs 13,991 per 1 gram, Rs 1,39,910 per 10 grams, and Rs 13,99,100 per 100 grams. Meanwhile, 22-carat jewellery metal was quoted at Rs 12,825 per 1 gram, Rs 1,28,250 per 10 grams, and Rs 12,82,500 per 100 grams. For 18-carat gold, prices in Mumbai, Bangalore, and Hyderabad settled at Rs 10,493 per 1 gram, Rs 10,4930 per 10 grams, and Rs 10,49,300 per 100 grams.
Chennai Premium and Inter-City Variances
Pricing for 18-carat purity diverged in Chennai compared to the southern and western peers. Chennai quotes for 18-carat bullion were fixed at Rs 10,495 per 1 gram, Rs 1,04,950 per 10 grams, and Rs 10,49,500 per 100 grams. This created a variance of Rs 2 to Rs 200 across weight brackets when compared to Bangalore, Mumbai, and Hyderabad. Rates for 999 purity (24-carat) and 916 purity (22-carat) remained consistent with the other major centres.
Breakdown of Day Gains by Weight and Purity
Wednesday saw 24-carat gold advance between Rs 27 for 1 gram and Rs 2,700 for 100 grams nationwide. At this benchmark level, 10 grams stood at Rs 1,39,910 while an 8-gram sovereign unit reached Rs 1,11,928. This followed earlier successive gains in 24-carat prices, which surged by Rs 2,700 on November 3 and by Rs 4,900 on November 2.
The 22-carat grade rose by Rs 25 per 1 gram up to Rs 2,500 per 100 grams, bringing 10 grams to Rs 1,28,250 and 8 grams to Rs 1,02,600. In the 18-carat segment (750 purity), rates moved higher by Rs 20 per 1 gram up to Rs 2,000 per 100 grams, fixing 10 grams at Rs 1,04,930 and 8 grams at Rs 83,944.
Global Drivers, Fed Expectations, and Market Commentary
Global precious metals continue to navigate conflicting trends as softer energy costs contend with the likelihood of tighter monetary settings in the United States. Traders have priced in a 78% probability of the US Federal Reserve increasing interest rates at its December meeting. A firming US dollar alongside elevated borrowing costs traditionally dampens appetite for non-yielding bullion assets by raising carrying costs. Vikram Subburaj, CEO of Giottus.com, noted that upcoming US midterm election results and impending labour-market data releases could exert direct influence over the dollar, treasury bond yields, and the Federal Reserve policy trajectory.
Addressing the domestic landscape, Vikram Subburaj stated that the price recovery for Indian investors remains patchy. He observed that gold traded slightly softer in early domestic dealings while silver managed a modest gain. The direction of the regular MCX trading session will depend heavily on rupee-dollar currency movements and international pricing trends. Subburaj cautioned market participants against reacting to minor early-morning fluctuations, advising them instead to observe whether price momentum sustains after trading officially gets underway.
