Market Performance
The precious metals market opened on a soft note today, reflecting the pressure from a firm US dollar and mixed global cues. Gold rate today continued to edge lower on the Multi Commodity Exchange (MCX), mirroring the weakness seen in international bullion prices.
Silver prices followed the same path, slipping in early trade and adding to the cautious tone across global commodity markets.
For investors tracking gold price today and silver price today, the session began with a clear sign—sentiment remains fragile amid uncertainty over future US Federal Reserve rate cuts.
Gold Rate Today: MCX Opens Weak as Global Prices Drop
The day started with gold losing ground both globally and on MCX. International spot prices slipped as the dollar held firm, making bullion expensive for currency holders outside the US.
Spot gold fell 0.5% to $4,004 per ounce, while the metal remained on track for its third straight monthly gain with a 3.9% rise this month.
On the domestic exchange:
- MCX gold rate today opened 0.29% lower at ₹1,21,148 per 10 grams, compared to the previous close of ₹1,21,508.
- At 9:05 AM, MCX gold price was down ₹208 (0.17%) at ₹1,21,300 per 10 grams.
The softness was largely aligned with the broader trend across global markets.
Silver Price Today: MCX Silver Slides Over 0.4%
Silver also drifted lower in early trade, echoing the pressure seen in gold.
- MCX silver price opened 0.47% lower at ₹1,48,140 per kg versus the earlier close of ₹1,48,840.
- By 9:05 AM, MCX silver rate slipped ₹502 (0.34%) to ₹1,48,338 per kg.
With the dollar staying near its three-month high, silver found limited support from industrial demand trends.
Global Factors Pressuring Gold Prices
The international market played a vital role in shaping the gold price today trend. A firmer US dollar weighed on sentiment, especially as traders assessed the outlook for future Federal Reserve actions.
The US dollar index hovered near its highest level in three months, tightening the grip on gold.
Spot gold sat at $4,004 per ounce, while US gold futures were steady at $4,016.70 per ounce.
The broader tension in the market stems from questions around how aggressively the US Fed may proceed with rate cuts in the coming months.
US Fed Rate Cut Impact on Gold Prices
This week, the US central bank reduced interest rates by 25 basis points, marking its second rate cut of the year. This brought the target range to 3.75% – 4.00%.
However, comments from Fed Chair Jerome Powell pushed the market into a more cautious zone.
They tempered expectations of another rate cut in the next policy meeting, introducing a fresh layer of uncertainty for the bullion market.
As per market probabilities, the chances of a December rate cut have shifted lower compared to last week.
Geopolitics and Demand Trends Add to Market Mood
Global market developments also influenced gold and silver price movements today.
New discussions between the US and China revived focus on trade dynamics, while demand signals from institutions added context.
Data linked to major gold-backed funds showed a rise in holdings, while global central banks recorded a notable increase in quarterly gold purchases, signaling long-term interest in the metal despite short-term market fluctuations.
Company Details: Key Data Snapshot
Here’s a clean snapshot of all numerical details mentioned in the reference:
- MCX gold price today (open): ₹1,21,148 per 10g
- MCX gold price (previous close): ₹1,21,508 per 10g
- MCX gold price at 9:05 AM: ₹1,21,300 per 10g (down ₹208)
- MCX silver price today (open): ₹1,48,140 per kg
- MCX silver price (previous close): ₹1,48,840 per kg
- MCX silver rate at 9:05 AM: ₹1,48,338 per kg (down ₹502)
- Spot gold: $4,004/oz (down 0.5%)
- Monthly gain: 3.9%
- US gold futures: $4,016.70/oz
- US Fed Funds Rate: 3.75% – 4.00% after 25 bps cut
Summary
Gold rate today saw a mild decline as the dollar strengthened, pulling MCX gold price toward ₹1.21 lakh per 10 grams. The global backdrop—driven by Fed commentary, currency movements, and shifting rate-cut expectations—kept the market under pressure.
Silver prices also softened, dropping over 0.4% in early trade.
Despite the pullback, bullion continues to remain in focus as global uncertainty supports long-term interest.
Easy & quick
Leave A Comment?