New Delhi: Gold prices in India displayed a mild downward trend on Monday, November 17, across all purity levels, reflecting a cautious correction following the yellow metal’s record highs earlier in October. Investors and consumers monitoring the market witnessed small but notable declines in 24 carat, 22 carat, and 18 carat gold rates, signaling a momentary pause in the recent rally.
According to GoodReturns data cited by The Indian Express, 24 carat gold dropped by ₹11 to ₹12,497 per gram. Similarly, 22 carat gold fell by ₹10 to ₹11,455 per gram, while 18 carat gold recorded a decline of ₹8, settling at ₹9,373 per gram. The dip is modest, but it indicates a mild easing for buyers and investors alike.
The minor corrections in gold prices were reflected differently across India’s major cities. In Chennai, 24 carat gold is priced at ₹12,589 per gram, while 22 carat and 18 carat gold are ₹11,540 and ₹9,625, respectively. Mumbai, Bangalore, Hyderabad, and Kerala reported uniform rates of ₹12,497 for 24K, ₹11,455 for 22K, and ₹9,373 for 18K gold. Delhi saw slightly higher rates at ₹12,512, ₹11,470, and ₹9,388 per gram for 24K, 22K, and 18K respectively. Ahmedabad and Vadodara registered minimal variations at ₹12,502 for 24K gold, reflecting regional market differences.
Gold remains a preferred hedge against inflation in India. Traditionally, 24 carat gold is sought for investment purposes due to its high purity and resale value. On the other hand, 22 carat and 18 carat gold continue to dominate jewellery markets, blending purity with craftability. The current slight dip in prices provides a limited opportunity for buyers looking to invest or purchase jewellery before potential future rises.
Analysts suggest that while the market is showing a minor correction, it is unlikely to indicate a long-term downtrend. For jewellery buyers, the decline is an opportunity to purchase gold at slightly more favorable rates compared to October’s peaks. Investors holding gold as a portfolio hedge can view the small drop as a normal market fluctuation, reaffirming the metal’s status as a stable store of value.
Across the country, consumers and investors alike continue to monitor gold closely, balancing purchase timing with market movements. As November progresses, the precious metal is expected to remain a key focus for both traditional and modern investors seeking to safeguard wealth.