Gold Price Today: Yellow metal at one month high, silver falls on MCX | Check rates in Delhi, Mumbai and other cities

Gold Price Today: Gold glittered on Saturday as the price of the yellow metal was at one month high on November 12 mainly due to the US inflation rate inching towards its lowest level in nine months and the 75 per cent drop in cryptocurrency prices from its peak.

According to Reuters report, Gold prices extended gains to a near three-month high on Friday and were heading for their best week in over 2-1/2 years, as signs of cooling US inflation bolstered bets that the Federal Reserve would be less hawkish on rate hikes going forward.

US consumer prices rose less than expected in October and data showed annual inflation below 8% for the first time in eight months, the Reuters report said, adding that the inflation data triggered a sharp fall in the US dollar, which was headed for its biggest two-day drop in almost 14 years.

Markets are now pricing in a 71.5% chance of a 50-basis point rate hike at the Fed’s December meeting, up from around 50/50 a week ago, the report further stated.

Gold is trading above its 50-day and 100-day moving averages, which is considered a bullish signal by traders; elsewhere, spot silver slipped 0.3% to $21.6 per ounce, but was poised for its second straight weekly rise having hit its highest since June, the report also mentioned.

Gold also showed growth on Multi Commodity Exchange (MCX) today. In contrast, Silver prices fell on November 12.

Also read: State-owned Bank of Baroda lowers home loan rates by 25 basis points to 8.25% - Details

At 11:30 am, Gold December's future was hovering in the green territory and quoted Rs 52,311 per 10 grams. The yellow metal was up by 0.39 per cent. Whereas in the international market, gold was trading higher at USD 1,770 per ounce.

However, opposite to this, Silver was trading in the red territory and quoted at Rs 61,619 per 10 grams. The metal was down by 0.47 per cent on MCX. In the international market, silver was up at USD 21.71 per ounce.

Gold Price City-wise In India as of Nov 12, 2022 for 22k:

Chennai- Rs 48,920

Mumbai- Rs 48,200

Delhi- Rs 48,350

Kolkata- Rs 48,200

Bangalore- Rs 48,250

Hyderabad- Rs 48,200

Kerala- Rs 48,200

Pune- Rs 48,230

Vadodara- Rs 48,230

Ahmedabad- Rs 48,250

Lucknow- Rs 48,350

Vijayawada- Rs 48,200

Patna- Rs 48,230

Nagpur- Rs 48,230

Chandigarh- Rs 48,350

Surat- Rs 48,250

Bhubaneswar- Rs 48,200

Visakhapatnam- Rs 48,200

Nashik- Rs 48,230

Yesterday, the rupee appreciated by 62 paise to close at 80.78 against the US dollar as moderating US inflation data coupled with a fall in the dollar index boosted investor sentiments, as per PTI report.

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)