Summary:
Gold prices in India fell below ₹1.4 lakh per 10 grams on November 12, 2026, amid a stronger US dollar and rising interest rate expectations. Weak international bullion prices also pressured domestic rates, with investors awaiting fresh US inflation data.
Gold prices in India declined below ₹1.4 lakh for 10 grams on Thursday, November 12, 2026, as precious metals came under pressure from a stronger US dollar and expectations of higher US interest rates.
Gold for December delivery on Multi Commodity Exchange (MCX) was quoting around ₹1,39,611 per 10 grams in early trade, down 0.65% from its previous close of ₹1,40,525. Gold prices in international markets have dropped below $4,000 per ounce.
Gold Price Today: 24K, 22K Rates In India
Domestic gold prices continued the recent fall with the price of 24K gold slipping below the ₹1.4 lakh mark.
The indicative rates for physical markets on November 12 were around ₹1,38,600 per 10 grams for 24K gold, compared to ₹1,39,390 on November 11.
The price of 22K gold was around ₹1,26,950 per 10 grams.
| Gold Category | Nov 12, 2026 | Nov 11, 2026 |
| 24K gold, 10g | ₹1,38,600 | ₹1,39,390 |
| 22K gold, 10g | ₹1,26,950 | ₹1,27,680 |
| MCX December futures, 10g | ₹1,39,611\* | ₹1,40,525 |
*MCX price is an early morning futures quote, Nov. 11 price is previous day close. The rates are indicative only for the physical market and are exclusive of applicable taxes and making charges.
The slide follows several sessions of weakness in overseas bullion markets.
Local premiums, taxes and other market factors mean that domestic gold rates differ from one city to another.
What's causing the gold price drop?
The latest drop is basically related to US developments.
US inflation data was stronger than expected and signs of a tightening monetary policy have raised expectations of further interest rate hikes by the Federal Reserve.
Higher interest rates make interest bearing assets more attractive relative to gold, which pays no interest income.
The US dollar has also been considerably firmer.
Nov 12 The dollar rose to a 19-month high against major currencies, making dollar-priced commodities more expensive for holders of other currencies.
These developments have helped put pressure on gold selling.
International spot gold fell to its lowest in more than a week at around $3,978 an ounce.
US gold futures also slipped below $4,000 an ounce, echoing the weaker precious metals.
How does Global Gold Rate affect India?
India imports a large part of the gold consumed in the domestic market.
This means that international prices of the bullion and the movement of the rupee against the US dollar directly influence the domestic prices of gold.
In India, gold prices usually tend to move lower when international prices fall.
But a weaker rupee can offset some of that fall as the same quantity of gold becomes costlier.
Jewellery buying and investment activity, along with weddings and festivals, also affect demand for gold in India.
The final retail bills include making charges, GST and other applicable expenses. But the low price makes jewellery purchases cheap.
Lower gold prices may also impact the value of existing gold holdings and jewellery inventories.
The next big development will be the release of the US Producer Price Index inflation data on November 13, 2026.
The numbers could influence expectations for future U.S. interest rate decisions.
Movements in US Treasury yields, the dollar index, crude oil prices and geopolitical developments will also matter.
Gold prices have been very volatile in 2026, reacting dramatically to global economic and monetary developments.
The last time it fell below ₹1.4 lakh per 10 grams was due to higher interest rate expectations and a stronger dollar. Whether prices stay the same will depend on future inflation numbers, currency moves and changes in world demand.
