Mumbai, November 10:
Gold prices remained under mild pressure this week as the precious metal entered a corrective phase, with investors awaiting key U.S. macroeconomic data expected to influence global interest rate outlooks.
In the Indian bullion market, 24K gold was priced at ₹12,327 per gram in Chennai, while prices in Mumbai and Delhi hovered near ₹12,295 and ₹12,310 respectively. Silver also edged lower by ₹100 per kilogram amid muted demand from industrial buyers.
Global Cues Weigh on Prices
Internationally, spot gold traded near $2,278 per ounce, slightly lower from last week’s peak, as traders shifted focus toward upcoming U.S. inflation and retail sales data.
The U.S. dollar index firmed marginally, and Treasury yields rose, pressuring the yellow metal, which often moves inversely to the greenback.
“Markets are cautious ahead of Thursday’s CPI release. A stronger U.S. data print could delay rate-cut expectations and keep gold in a consolidation band,” said a senior commodities analyst at Mumbai’s Bullion Desk.
Domestic Sentiment and Festive Demand
Despite the short-term correction, analysts believe India’s festive demand and wedding season purchases will cushion deeper declines. Jewellers report steady retail interest, particularly in southern cities like Chennai and Hyderabad, where demand traditionally remains resilient.
Rural consumption, however, is showing signs of moderation due to higher prices and lower disposable incomes.
What to Watch
Traders are eyeing the upcoming U.S. CPI and PPI releases, along with remarks from Federal Reserve officials, for further direction. A weaker data print could rekindle hopes of interest rate cuts, potentially lifting gold back toward $2,300 levels.
