When traders logged in early this morning, the precious metals market was already setting the tone for the day. The air was heavy with anticipation after the US Federal Reserve trimmed its benchmark rate by 25 bps, and that single move nudged the entire commodities space into a fresh wave of volatility.
And gold—just like it always does during big global events—reacted instantly.
Market Performance: A Sharp Slide Right at the Open
The opening bell on MCX almost felt like a continuation of last night’s global cues.
Gold prices didn’t just soften—they dropped with speed.
Here’s how MCX gold and silver opened:
- MCX gold rate opened 1.27% lower at ₹1,19,125 per 10 grams (previous close: ₹1,20,666)
- MCX silver price opened 0.4% lower at ₹1,45,498 per kg (previous close: ₹1,46,081)
By 9:20 AM, the pressure deepened:
- Gold was down ₹1,827 (1.51%) at ₹1,18,839 per 10 grams
- Silver fell ₹1,411 (0.97%) to ₹1,44,670 per kg
The dip wasn’t just domestic—it was part of a global pattern unfolding overnight.
Main News: Global Gold Edges Up, but MCX Remains Under Pressure
Globally, gold showed a slight recovery as the dollar eased a bit.
But in India, the sentiment remained tilted toward the downside as traders digested the Fed’s decision and waited for clarity on international trade developments.
In the global market:
- Spot gold rose 0.2% to $3,937.88 per ounce
- US gold futures for December slipped 1.2% to $3,950.70 per ounce
The dollar index fell 0.2%, giving gold slight breathing room internationally.
But the bigger driver remained the 25 bps US Fed rate cut, which placed the overnight rate in the 3.75% – 4.00% range.
That move stirred debates in global markets, as traders now watched every development tied to international trade discussions.
Company Details / Deeper Market Context
The commodity market has been trying to make sense of two moving pieces at once:
- The impact of the US Fed’s second rate cut this year
- Ongoing discussions between two global economic leaders, with the market hoping for clarity on trade relations
This combination pushed traders to scale back on aggressive bets and adopt a wait-and-watch approach.
Gold remained close to a three-week low, reflecting this cautious mood.
Interestingly, despite today’s decline, gold is still on track for a monthly gain and remains up nearly 50% for the year, showing how strong the broader trend has been.
Summary
Today’s gold rate paints a picture of a market reacting to a powerful mix of global monetary moves and international events.
- MCX gold slipped below ₹1.19 lakh
- Silver also softened over 0.9% intraday
- Global spot gold showed mild strength
- US futures dipped
- Dollar index eased 0.2%
- US Fed trimmed rates by 25 bps
- Market participants shifted to cautious positioning
The story today isn’t just about the gold rate—it’s about how global decisions ripple into the MCX market within hours.
And as traders track every move from global policymakers to currency movements, gold continues to remain one of the most sensitive indicators of shifting market sentiment.
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