Gold in India has hit a surprising twist—it’s now cheaper than in popular gold-buying hubs like the United Arab Emirates, Qatar, Oman, and Singapore. 

As of November 16, 24K gold in India stands at Rs 75,650 per 10 grams, down by Rs 110 from the previous day. The 22K variant dipped to Rs 69,350 per 10 grams, while 18K gold now costs Rs 56,740, marking a steady decline. Meanwhile, in Oman, gold saw a sharp rise, with 24K gold priced at Rs 75,763 for 10 grams, up by Rs 220, while in Qatar, the same 24K rate jumped to Rs 76,293.

The drop in Indian gold prices contrasts with surges in Middle Eastern countries, driven by escalating geopolitical tensions, especially around Israel and Gaza, where regional instability has pushed demand for gold as a safe-haven asset. This price differential has further widened as demand rebounds in India, with premiums on physical gold climbing to $16 an ounce this week, indicating strong retail interest, while premiums were only $3 last week.

Globally, gold prices have had their sharpest weekly fall in over three years, with spot prices dropping 4.5% in the U.S., trading near a two-month low at approximately $2,563.25 per troy ounce.

Analysts link the drop to economic indicators showing resilience, leading the U.S. Federal Reserve to adopt a cautious stance on rate cuts.

Expectations of prolonged high U.S. Treasury yields and a robust dollar have further pressured gold, making dollar-priced commodities pricier for international buyers.

This bearish trend in global gold prices comes after a record high in October, with prices down 7% since. Despite recent declines, gold remains up by over 24% year-to-date, supported by central bank purchases and persistent geopolitical tensions.

In India, gold’s retreat from the Rs 75,000 mark, last seen in September, now has traders focused on the Fed’s December meeting, which could provide further clarity on the metal’s trajectory amid global shifts in monetary policy and economic growth.