Gold prices slipped on November 22 as global forces pushed bullion lower. Traders reacted to stronger US labour data that reduced near-term Fed rate cut odds. Domestic traders then balanced global weakness with rupee moves and local demand. The result showed clear city-level differences in 22K and 24K gold rates.
Spot gold fell amid international selling after the latest US nonfarm payrolls surprised on the upside. Stronger jobs numbers cut the odds of a December rate cut. That pushed global precious metal prices down. Silver also lost ground on the same data.
Domestic futures showed mixed action. The most-traded December MCX gold contract rose by about Rs. 1,168, closing near Rs. 1,23,895 per 10 grams. The February contract also added ground. Analysts said the rupee depreciation limited losses. A weaker rupee offset some global pressure and lent local support.
Renisha Chainani, Head of Research at Augmont, pointed to the US payroll report as the main trigger. Jateen Trivedi of LKP Securities noted sharp volatility and a weaker rupee that supported MCX gains. Trivedi expects continued swings in a broad Rs. 1,20,000 to Rs. 1,24,000 range per 10 grams in the near term.
City markets showed different moves on November 22. Delhi recorded 24K gold at Rs. 1,26,100 per 10 grams and 22K at Rs. 1,15,500. Mumbai posted 24K at Rs. 1,24,250 and 22K at Rs. 1,13,890. Bengaluru stood slightly higher for 24K at Rs. 1,25,840 and 22K at Rs. 1,15,350. These city rates reflect local demand and supply alongside national trends.
Short-term volatility may continue. Global macro data will remain the main driver. Currency moves and local demand can change domestic rates quickly. 24K gold stays the benchmark for bullion. 22K gold remains the jewellery standard in many cities.
Also Read: Gold Price Today: MCX Gold Slips Toward Rs. 1.22 Lakh as Strong US Jobs Data Hits Rate Cut Hopes
Gold prices on November 22 moved under global pressure. Strong US jobs data trimmed Fed cut expectations. The rupee softened and tempered local losses. City rates in Mumbai, Delhi, and Bengaluru showed clear differences. Further data and currency swings will shape prices next week.