Gold prices declined across major Indian cities on Thursday, November 12, 2026, as developments in the United States put pressure on the precious metal. Stronger-than-expected US inflation data and hawkish comments from Federal Reserve officials strengthened the US dollar, reducing the appeal of gold among investors.
The movement in international markets also influenced domestic gold prices. Investors are closely monitoring US inflation trends and the Federal Reserve's approach to interest rates to understand the direction of the global economy and financial markets.
According to indicative retail rates, the price of 24-karat gold in India stood at Rs 14,198 per gram on November 12. The rate of 22-karat gold was Rs 13,015 per gram, while 18-karat gold was priced at Rs 10,649 per gram. These rates may vary slightly depending on the city and jeweller.
Gold Rate Today in India
The indicative gold prices for different purity levels on November 12 are as follows.
| Gold Purity | Price Per Gram | Price Per 10 Grams |
| 24K Gold | Rs 14,198 | Rs 1,41,980 |
| 22K Gold | Rs 13,015 | Rs 1,30,150 |
| 18K Gold | Rs 10,649 | Rs 1,06,490 |
The rates are indicative and may differ from the final prices charged by jewellery retailers. GST, TCS, making charges and other applicable costs are not included.
City-Wise Gold Rates on November 12
Gold prices showed minor differences across major Indian cities. The indicative rates per gram were as follows.
| City | 24K Gold | 22K Gold | 18K Gold |
| Chennai | Rs 14,198 | Rs 13,015 | Rs 10,650 |
| Mumbai | Rs 14,198 | Rs 13,015 | Rs 10,649 |
| Delhi | Rs 14,213 | Rs 13,030 | Rs 10,664 |
| Kolkata | Rs 14,198 | Rs 13,015 | Rs 10,649 |
| Bengaluru | Rs 14,198 | Rs 13,015 | Rs 10,649 |
| Hyderabad | Rs 14,198 | Rs 13,015 | Rs 10,649 |
| Ahmedabad | Rs 14,203 | Rs 13,020 | Rs 10,654 |
The above figures are indicative retail rates. Actual prices at jewellery shops may differ depending on local market conditions, jeweller pricing and applicable taxes.
Why Are Gold Prices Falling?
One of the major reasons behind the decline in gold prices is the movement of the US dollar. Gold is internationally traded in dollars. When the dollar strengthens, gold becomes more expensive for buyers using other currencies, which can reduce demand and put pressure on its international price.
The latest US inflation figures also influenced market expectations. Stronger-than-expected inflation can raise concerns that the Federal Reserve may maintain higher interest rates for a longer period or consider further rate increases if inflation remains persistent.
Gold does not provide regular interest income. Therefore, when interest rates and bond yields remain attractive, some investors may prefer interest-bearing assets over gold. This can reduce investment demand for the precious metal.
Hawkish remarks from Federal Reserve officials have added to these concerns. Such comments generally indicate that policymakers remain cautious about inflation and may not support an early reduction in interest rates.
Impact on International Gold Markets
International gold prices also came under pressure amid the stronger dollar and interest rate concerns. According to market updates on November 12, gold prices on the COMEX market declined, extending the weakness seen after the previous trading session.
The movement in international bullion prices is closely watched by Indian traders because India imports a significant portion of its gold requirements. Changes in global prices, currency exchange rates, import-related costs and domestic demand can influence retail gold rates in the country.
Gold prices in India may therefore move differently from international prices depending on the rupee's performance against the US dollar and other domestic market factors.
What Should Gold Buyers Watch?
Consumers planning to purchase gold should check the latest rates with local jewellers before making a purchase. The displayed market rate generally represents the price of gold before additional charges are included.
Jewellery buyers should also consider the purity of gold, hallmarking details, making charges and applicable taxes. While 24K gold is generally associated with investment products such as coins and bars, 22K gold is commonly used for jewellery. Eighteen-karat gold is also used in jewellery, particularly in designs that require different alloy compositions.
Investors, meanwhile, will continue to monitor US inflation figures, Federal Reserve policy signals, dollar movements and international bullion prices for further direction.
The decline on November 12 highlights how closely gold prices respond to global economic developments. Although gold is often considered a safe-haven asset, its short-term movement can be influenced by currency fluctuations, interest rate expectations and investor sentiment.
