Gold, Silver prices in India witnessed a strong rally today as investors stepped-up bets that the U.S. Federal Reserve is done raising interest rates, pressuring the dollar and Treasury yields, according to a Reuters report.

22 carat Gold price for 10 grams today surged by Rs 600 to Rs 56,550 while 24 carat yellow metal price for 10 grams rose by Rs 650 to Rs 61,690 on November 17 in India. Price of 100 grams of 11 carat gold in India is Rs 5,65,500 after the surge of Rs 6000 and cost of 24 carat of 100 grams yellow metal in the country is Rs 6,16,900 after the gain of Rs 6500.

Gold Prices Chennai: If you are in Chennai today, you will have to pay Rs 57,000 to buy 10 grams of 22 carat gold and Rs 62,180 to purchase 10 grams of 24 carat yellow metal.

Yellow Metal Prices Mumbai: The financial capital of India is selling 22 carat of 10 grams gold for Rs 56,550 and 10 grams of 24 carat yellow metal for Rs 61,690.Jaipur Wealth Management

Gold Prices Today Delhi: If you happen to be in the national capital today, you will have to shell out Rs 56,700 for 10 grams of 22 carat gold and Rs 61,840 for 10 grams of 24 carat gold.

Gold Prices Today Kolkata: 22 carat of 10 grams gold is retailing for Rs 56,550 and 10 grams of 24 carat yellow metal is retailing for Rs 61,690 in Kolkata on November 17, 2023.

Silver prices India too rallied today with the surge of Rs 1500 to 76,500 per kg. Cost of 10 grams of silver in India is Rs 765 and price of 100 grams of silver is Rs 7650 today. It is worth mentioning that silver prices surged by Rs 4100 in a span of 4 days in India.

The bullion is up 2.5% so far this week. "There's probably a couple of set of sequences in which we could see gold push sustainably through $2,000, and that's a very rapid deterioration in the data, which suggests that again, rate cuts on the horizon," said Kyle Rodda, a financial market analyst at Capital.com, stated Reuters report.

"Alternatively the war is still bubbling, simmering away in the background," Rodda addedNew Delhi Investment. Data this week showed the U.S. consumer price index was unchanged in October and the core rate was up 0.2%, weaker than anticipated. Producer prices fell by the most in three-and-a-half years, added the Reuters report.

As the prices of gold and silver witnessed a surge, Rahul Kalantri, VP Commodities, Mehta Equities highlighted factors behind the rally, "this uptrend was fueled by this week's milder U.S. inflation data, causing a decline in the U.S. dollar index and sparking speculation about a Federal Reserve interest rate cut in the spring. The near-term technical outlook for both gold and silver has improved, attracting interest from short-term futures market speculators."