Gold rate today: Yellow metal trades near 1-month low, silver slips below ₹90,000 per kg

Gold rate today: Gold prices on MCX inched higher Tuesday after a sharp slump seen in the previous session. International bullion prices also gained, but hovered near a one-month low, while investors awaited key US economic data and remarks from Federal Reserve officials, seeking greater clarity on the future trajectory of interest rates.

At 9:20 am, MCX gold prices gained ₹119, or 0.16%, to ₹75,470 per 10 grams, while silver price rose by ₹18, or 0.02%, to ₹89,200 per kg. Meanwhile on Monday, gold rate plunged 2.53%, while silver declined 2.35%.

In the international market, spot gold rose 0.2% at $2,624.17 per ounce, after hitting its lowest since October 10 on Monday, while the US gold futures rose 0.5% to $2,630.10.

The US dollar held near a four-month high, driven by investor optimism regarding the incoming Donald Trump administration. A stronger dollar typically makes gold more expensive for holders of other currencies, potentially reducing demand and exerting downward pressure on its price.

“Gold and silver prices may get a technical support at these level on an intraday basis. We may see gold price recover towards ₹75,700, while silver seems to be in oversold territory and may not fall below ₹88,500. Hence, buy on drop strategy is suggested today,” said Ajay Kedia, Director, Kedia Advisory.

According to Kedia, support for MCX gold price is at ₹74,940 level and resistance is placed at ₹75,880 level. Silver may find support at ₹88,400 and resistance at ₹90,800 level.

Market participants focus will be on the US Consumer Price Index data for October on Wednesday, Producer Price Index and weekly jobless claims on Thursday, followed by retail sales and industrial production on Friday.

Additionally, numerous US Federal Reserve officials, including Chair Jerome Powell, are scheduled to speak this week, potentially offering further guidance on monetary policy.

The market’s expectations for a December interest rate cut have shifted recently. According to the CME Group’s FedWatch Tool, the probability of a rate cut has decreased to approximately 65%, down from nearly 80% a week ago.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.