Gold prices fell on Monday, weighed down by a stronger US dollar and profit-taking, as investors awaited key US economic data to gauge the Federal Reserve’s next steps on monetary policy.
The February gold futures were trading at Rs 76,344 per 10 grams on the MCX at 10.04 am and were down by Rs 784 or 1.02% from the previous session’s closing price. Meanwhile, Silver‘s February futures were trading at Rs 90,225 per kg and were lower by Rs 1,009 or 1.11% around this time.
Spot gold declined by 0.7% to $2,636.38 per ounce, and U.S. gold futures edged 0.8% lower to $2,658.80. The dollar index strengthened by 0.5%, making bullion more expensive for holders of other currencies.
Major US data due this week includes U.S. job openings, the ADP employment report and the payrolls report. Few Fed officials are due to speak this week, including Fed Chair Jerome Powell on Wednesday.
According to the CME Group’s FedWatch Tool, markets currently see a 65.4% chance of a 25-basis-points rate cut in December.
Gold prices slipped over 3% in November to register its worst monthly performance since September 2023 as the prospect of higher tariffs under the incoming Donald Trump administration to keep interest rates higher for longer loomed.”Gold has support levels at $2,622-$2,610 and resistance at $2,650-$2,664. Silver has support at $30.15-$29.90, with resistance at $30.60-$30.75. In INR terms, gold finds support at ₹76,180-₹75,950, while resistance lies between ₹76,570-₹76,840. Silver has support at ₹88,150-₹87,550, with resistance at ₹89,450-₹90,080,” said Rahul Kalantri, VP Commodities, Mehta Equities.Also Read: Adani bull GQG shares fall 13% after analyst downgrade
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,912/8 grams while pure gold (24 carat) prices stand at Rs 61,704/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,560/8 grams while pure gold (24 carat) prices stand at Rs 61,408/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,984/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,608/8 grams.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)