On the MCX, December gold futures fell by Rs 140 or 0.11% to settle at Rs 1,22,800 per 10 grams. However, silver futures witnessed a surge, rising Rs 648 or 0.42% to Rs 1,55,755 per kilogram.The minutes of the Fed meeting showed a divided Federal Reserve cut rates last month despite concerns that easing too quickly could undermine progress on inflation, which has been above the 2% target for more than four years. Governor Powell reinforced a cautious tone, stating that a rate cut in December is not a “foregone conclusion.”
“Market uncertainty increased after the U.S. Bureau of Labor Statistics unexpectedly canceled the October employment report, sharply lowering the odds of a December rate cut from 50% to 30% and injecting further volatility into the macro landscape. Adding to the political noise, President Trump again criticized Powell for not cutting rates more quickly. Market volatility was also higher as the market digested concerns about Japan’s carry trade taper, although those pressures have not yet been fully resolved and could continue to impact short-term volatility,” Manav Modi, analyst at Motilal Oswal, said.
In the international market, gold prices pared earlier gains after the Federal Reserve’s latest minutes dampened market sentiment, even as investors waited for new economic data for clearer signals on the U.S. interest rate trajectory. Gold rose 0.2% to $4,073.79 an ounce after previously rising more than 1%, while US December futures were 0.4% higher at $4,082.80. Among other precious metals, spot silver rose 0.7% to $51.05, platinum rose 0.7% to $1,543.12 and palladium fell 1.6% to $1,378. Gold – a non-interest-bearing asset – typically finds favor in low interest rate environments and during periods of economic stress. Meanwhile, the US government’s reopening after a record 43-day shutdown eased some investor jitters and restored normal publishing of economic indicators.
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“Investors are concerned that upcoming data could limit the Fed’s ability to ease further amid policymakers’ skepticism. Meanwhile, concerns over high technology valuations have weighed on risk sentiment, potentially increasing gold’s safe-haven appeal amid the ongoing equity market sell-off. MCX Gold December remains in a range of Rs 122,000 to 123,000/10g. A clear trend could emerge beyond these ranges occur,” Jigar Trivedi, Senior Research Analyst at Reliance Securities said.
Gold rates in physical markets
Gold Price Today in Delhi
The standard gold price (22 carat) in Delhi is Rs 91,688/8 gram, while the price of pure gold (24 carat) is Rs 1,00,016/8 gram.
Gold Price Today in Mumbai
The standard gold price (22 carat) in Mumbai is Rs 91,568/8 gram, while the price of pure gold (24 carat) is Rs 99,896/8 gram.
Gold Price Today in Chennai
The standard gold price (22 carat) in Chennai is Rs 92,808/8 gram, while the price of pure gold (24 carat) is Rs 1,01,248/8 gram.
Gold Price Today in Hyderabad
The standard gold price (22 carat) in Hyderabad is Rs 91,568/8 gram, while the price of pure gold (24 carat) is Rs 99,896/8 gram.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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