Gold slips below ₹1.39 lakh, silver extends slide

On November 12, 2026, gold and silver prices in India continued to fall, with futures on the Multi Commodity Exchange (MCX) slipping below key psychological levels. December gold futures traded around ₹1.38 lakh–₹1,38,500 per 10 grams after moving under ₹1.39 lakh, while December silver futures hovered near ₹1.82 lakh per kg following fresh intraday lows close to ₹1,81,700.

Benchmark bullion rates from the India Bullion and Jewellers Association (IBJA) reflected the weakness. The price of 10 grams of 24-carat gold was set at ₹1.38 lakh, down ₹2,309 on the day, and 1 kilogram of silver was quoted at ₹1.82 lakh, a single‑day decline of ₹3,901.

The latest correction in precious metals was linked to stronger‑than‑expected US inflation data, which reinforced expectations that the US Federal Reserve may keep interest rates higher for longer. These expectations supported the US dollar and lifted US Treasury yields, conditions that typically weigh on non‑yielding assets such as gold and silver.

A stronger dollar makes bullion more expensive for holders of other currencies, while higher bond yields increase the relative appeal of interest‑bearing securities. Gold futures were facing renewed pressure under these macro conditions, with sentiment cautious across the bullion complex.

On MCX, December gold futures were last seen around ₹1,38,500 per 10 grams, down roughly 0.87% on the session, after touching an intraday low near ₹1,38,399. Immediate resistance for gold was identified in the ₹1,40,000 to ₹1,41,000 area, marking a zone that prices would need to clear to signal any sustained recovery.

December silver futures traded around ₹1,81,750–₹1,81,900 per kg after intraday lows just above ₹1,81,700. Technical levels for silver showed resistance near ₹1,88,000 to ₹1,90,000 per kg and support around ₹1,78,000 to ₹1,80,000. With the relative strength index near 34, silver was seen approaching oversold territory on a short‑term basis.

Alongside futures, spot prices in key Indian cities showed a softer tone. In Delhi, 24‑carat gold was quoted at ₹1,39,950 per 10 grams, while in Chennai it stood at ₹1,39,800 per 10 grams; 22‑carat gold in Chennai was priced at ₹1,28,150 per 10 grams. Retail silver in Mumbai, Kolkata and Chennai was indicated at ₹2,00,000 per kg.

In the international market, COMEX gold was trading around $3,966.6 per troy ounce, down about 0.85%. Gold prices abroad remained under pressure after slipping below a widely watched $4,000‑per‑ounce level, mirroring the impact of the stronger US currency and higher yields on global bullion benchmarks.

Continued purchases by central banks helped limit the decline in gold.

For Indian investors, movements in the rupee are an important variable for domestic bullion pricing.