Gold prices in India edged lower today after a strong rally in the previous session. The gold rate today slipped as investors booked profits while awaiting remarks from the US Federal Reserve Chair and key economic data that could influence an interest rate cut.
The MCX gold rate today opened lower, mirroring international trends, and silver prices also faced pressure, declining more than 1.5% amid a broader sell-off in commodity markets.
Market Performance: MCX Gold and Silver Prices Today
The MCX gold price opened 0.41% lower at ₹1,30,109 per 10 grams, compared to the previous close of ₹1,30,652. Meanwhile, MCX silver price opened 0.73% down at ₹1,80,701 per kg, against the previous close of ₹1,82,030.
By 9:15 AM, the MCX metals were trading as follows:
- MCX Gold: ₹1,30,372 per 10 grams (down ₹280, 0.21%)
- MCX Silver: ₹1,79,001 per kg (down ₹3,029, 1.66%)
Profit booking after recent gains was the key driver behind today’s early declines in commodity prices.
Main News: Global Cues and Investor Sentiment
Internationally, spot gold price fell 0.2% to $4,222.93 per ounce after hitting a six-week peak in the previous session. US gold futures for December delivery were down 0.4% at $4,256.30 per ounce.
The retreat comes as investors wait for Fed Chair remarks and other economic indicators for clues on an interest rate cut. Markets are pricing in a high probability of a 25 bps reduction at the upcoming Federal Reserve meeting, reinforced by weak US economic data and dovish signals from Fed officials.
In the US, the manufacturing sector contracted for the ninth straight month in November, increasing pressure on the Fed to ease policy. Traders are also awaiting the ADP jobs report and delayed PCE data for further cues.
Gold and Silver Price Levels: Support and Resistance
For traders and investors in bullion markets, key levels to watch in MCX trading today include:
- Gold Support: ₹1,28,400 – ₹1,27,800 zone
- Gold Resistance: ₹1,31,450 – ₹1,32,100
- Silver Support: ₹1,79,200 – ₹1,80,750
- Silver Resistance: ₹1,83,110 – ₹1,84,300
A sustained close above ₹1,32,294 for gold could open doors to higher levels around ₹1,34,400 – ₹1,35,500, while immediate downside support is near ₹1,28,400.
Summary: Profit Booking Weighs on MCX Gold and Silver Rates
After reaching a six-week peak, the gold rate in India fell due to profit booking. MCX gold price today dropped 0.41%, while the silver rate today slipped 1.66% as investors digested global cues and awaited the US Fed’s next steps.
The medium-term trend remains cautiously bullish, with key support and resistance levels providing reference points for investors and traders in the commodity markets.
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