Gold prices fall by Rs 1,300/10 g based on dollar strength, and silver prices by Rs 850/kg. What awaits us?

Gold and silver prices opened lower on Monday as a strong dollar weighed on sentiment. Gold futures prices for December at MCX opened at Rs 1,22,882/10 gram, lower by Rs 1,309 or 1.05%, while silver December contracts traded lower by Rs 850 or 0.55% at Rs 1,53,300/kg.Internationally, gold prices also fell on Monday, pressured by a stronger US dollar hovering around a six-month high and declining expectations of a Federal Reserve rate cut in December.

Gold fell 0.3% to $4,051.48 an ounce at 0132 GMT, while US gold futures for December delivery rose 0.7% to $4,049.50 an ounce.The dollar strengthened to its highest level in almost six months on Friday after data showed faster US job growth in September. This reinforced the view that the Fed could wait to cut rates next month. A stronger dollar tends to weigh on gold, as it makes the metal more expensive for holders of other currencies.

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Today, the US Dollar Index, DXY, hovered around 100.20, gaining 0.03 or 0.03%. Minutes from the Fed’s October meeting, released Wednesday, showed policymakers opting to cut rates, but also warned the decision carried risks of persistent inflation and could undermine public confidence in the central bank. Separately, delayed data from the U.S. Department of Labor showed that payroll costs for nonfarm businesses increased by 119,000 in September – more than twice the expected increase of 50,000.

Adding to concerns, U.S. factory activity fell to the lowest level in four months in November as tariffs pushed up import costs, dampening demand.

The probability of a December rate cut fell to 69% on Monday, down from 74% the previous session, according to the CME FedWatch Tool. Expectations rose sharply from 40% on Friday after dovish comments from New York Fed President John Williams.

Gold rates in physical markets

Gold Price Today in Delhi

The standard gold price (22 carat) in Delhi is Rs 93,064/8 gram, while the price of pure gold (24 carat) is Rs 1,00,136/8 gram.

Gold Price Today in Mumbai

The standard gold price (22 carat) in Mumbai is Rs 93,104/8 gram, while the price of pure gold (24 carat) is Rs 1,00,136/8 gram.

Gold Price Today in Chennai

The standard price for gold (22 carat) in Chennai is Rs 92,640/8 grams while the price for pure gold (24 carat) is Rs 99,600/8 grams.

Gold Price Today in Hyderabad

The standard gold price (22 carat) in Hyderabad is Rs 92,792/8 gram, while the price of pure gold (24 carat) is Rs 99,752/8 gram.

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