Gold rate on November 17: Yellow metal's prices drop; check rates for 24K, 22K gold in your city today

Gold and silver prices fall

Gold prices declined on November 17, extending losses from last week. This comes as investors awaited a series of US economic data this week.

The domestic rate for 10 grams of 24 carat gold dropped Rs 110 to Rs 1,24,970, according to data on GoodReturns. The rates of 10 grams of 22 carat gold meanwhile fell Rs 100 to Rs 1,14,550, as per data on the site. 10 grams of 18 grams of gold got cheaper by Rs 80 at Rs 93,730.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on November 17:

The price of 1 kilogram of silver fell by Rs 2,000 to Rs 1,67,000. Let's check the latest prices of one kilogram of silver in major cities of the country on November 17:

"Precious metals are caught in a widespread selloff, where stocks, bonds, the dollar, and crypto are all under pressure and in the red," said Tai Wong, an independent metals trader. "It's a classic buy-the-rumor, sell-it-all after the U.S. government re-opens," he said.

The fall in the gold and silver prices also comes amid rising expectation of no rate cut by the US Federal Reserve during its upcoming FOMC meeting in December.