On November 12, 24-carat, 22-carat, and 18-carat gold prices dropped by Rs 16,000 to nearly Rs 22,000 in 100 grams, tracking the decline in MCX gold and spot gold, which have erased their pivotal levels of Rs 1.39 lakh and the $4,000 mark. The bullion is expected to remain under pressure due to the strong case of rate hike from the US Federal Reserve.