CHENNAI: Gold prices moved higher across major Indian cities on Wednesday (December 3) extending the steady upward trend seen over the past several sessions. The advance was driven by a combination of firmer global bullion cues, a softer rupee and renewed safe-haven buying as investors positioned themselves ahead of key international economic data.
In most metros, 24-carat gold hovered close to Rs 13,060 per gram, while 22-carat prices were quoted around Rs 11,970 and 18-carat near Rs 9,800. Chennai remained at the upper end of the price range with 24-carat gold trading a little above Rs 13,150 per gram, reflecting its traditionally stronger local demand. Mumbai, Delhi, Bengaluru and Kolkata all saw similar levels, with 24-carat prices broadly clustered between Rs 13,050 and Rs 13,070 per gram.
The day’s rise was influenced in part by global expectations that the US Federal Reserve may begin lowering interest rates in the coming months, a scenario that typically boosts the appeal of non-yielding assets like gold. At the same time, the weakening rupee made imported bullion costlier, pushing domestic prices higher and reinforcing gold’s role as a hedge during periods of currency volatility.
For jewellery buyers, the firming trend means higher acquisition costs ahead of the year-end wedding and festival purchases. For investors, the latest uptick suggests continued support for gold as a safe-haven asset, although its trajectory will remain sensitive to global economic sentiment, central bank commentary and currency movements in the weeks to come.