Gold Price Today: MCX Gold, Silver Rates Dip on Profit Booking Ahead of US Inflation Data

Market Performance

On Thursday morning, gold and silver futures in the domestic market saw a modest decline. Profit booking after recent record highs, coupled with a slight rise in the US dollar, kept traders cautious ahead of major US inflation data.

• MCX Gold February contracts traded at ₹1,34,619 per 10 grams, down 0.20% around 9:20 am.
• MCX Silver March contracts were at ₹2,06,451 per kg, declining 0.47% at the same time.

The slight pullback comes after gold and silver touched new highs in previous sessions, prompting traders to secure gains.

Main News: Profit Booking Weighs on Gold & Silver

After consecutive sessions of strong gains, gold and silver faced profit-taking, with investors cautious ahead of today’s US Consumer Price Index (CPI) release for November. This slight retreat is influenced by several factors:

• Traders locking in profits at peak levels
• Strengthening of the US dollar, which usually puts pressure on precious metals

Despite the dip, market activity remained steady, with high volumes traded in MCX futures contracts.

Key Historical Context

• On Wednesday, MCX Gold February futures closed slightly higher at ₹1,34,894 per 10 grams, up 0.36%.
• MCX Silver March futures hit a record ₹2,07,833 per kg and closed at ₹2,07,435, marking a 4.9% gain over the previous session.

The recent surge had attracted speculative positions, which are now being adjusted ahead of US inflation data and other macroeconomic cues.

Factors to Watch

Investors are closely monitoring global cues that could impact gold and silver prices in the near term:

• US CPI Inflation Data (November): Scheduled for release later today, this data is expected to influence global gold prices.
• US Personal Consumption Expenditures (PCE) Price Index: Set to be released on Friday, providing further insight into inflation trends.
• US Dollar Movements: Even a mild uptick in the dollar can trigger short-term corrections in gold and silver markets.

These factors will likely shape trading sentiment and short-term volatility in the precious metals market.

Summary

Gold and silver prices on MCX opened lower on Thursday due to profit booking after record highs and a mild rise in the US dollar.

• Gold February futures at ₹1,34,619 per 10 grams (-0.20%)
• Silver March futures at ₹2,06,451 per kg (-0.47%)

Attention has now turned to the upcoming US CPI and PCE data, which are likely to influence the next movement of precious metals in domestic and global markets.