Gold rate today in India falls near ₹1.30 lakh per 10 gms; MCX silver rate slips 1.5% to below ₹1.80 lakh per kg

Gold prices on Multi Commodity Exchange of India (MCX) opened lower Tuesday amid profit booking after a steep rally in the previous session. Silver prices also declined more than 1.5%.
MCX gold rate opened 0.41% lower at ₹1,30,109 per 10 grams as against its previous close of ₹1,30,652 level. MCX silver price opened 0.73% lower at ₹1,80,701 per kg as compared to its previous close of ₹1,82,030 level.
At 9:15 AM, MCX gold price was trading lower by ₹280, or 0.21%, at 1,30,372 per 10 grams, while MCX silver rate was down by ₹3,029, or 1.66%, at ₹1,79,001 per kg.
In the international market, gold prices edged lower after it touched a six-week peak in the previous session, as investors booked profits even as they awaited remarks by the Federal Reserve Chair and key economic data for interest rate cut cues.
Spot gold price fell 0.2% to $4,222.93 per ounce, after hitting its highest level since October 21 on Monday. US gold futures for December delivery were down 0.4% at $4,256.30 per ounce.
“Gold fell as investors took profits after prices reached a six-week peak, amid mounting expectations of a US interest rate cut next week. Investor focus now turns to Fed Chair Jerome Powell’s remarks later today for further clues on the central bank’s interest rate trajectory,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Traders currently assign an 88% probability to a 25 bps reduction at the Fed’s upcoming meeting, reinforced by weak US economic data and dovish comments from several Fed officials.
Meanwhile, the US manufacturing sector contracted for the ninth consecutive month in November, increasing pressure on the Fed to ease policy.
Market participants are now awaiting the ADP jobs report and the delayed PCE data for further cues.
Gold Price Outlook
Trivedi expects MCX gold price for February expiry may drop to ₹130,000 per 10 grams.
According to Rahul Kalantri, VP Commodities, Mehta Equities, gold price has support at $4,165 - $4,135, while resistance at $4,260 - $4,295. Silver price has support at $56.40 - $55.85 and resistance at $57.95 - $58.45.
“MCX gold price has support at ₹1,29,650 - ₹1,28,850 levels, while resistance at ₹1,31,450 - ₹1,32,100 levels. Silver price has support at ₹1,80,750 - ₹1,79,200, and resistance at ₹1,83,110 - ₹1,84,300,” said Kalantri.
Ponmudi R, CEO of Enrich Money noted that the lifetime high resistance level of MCX gold price at ₹1,32,294 continues to act as a major breakout hurdle.
“A clean and sustained close above this level could propel prices toward the next upside targets of ₹1,34,400 – ₹1,35,500. Immediate support is placed near ₹1,28,400, while the stronger base remains in the ₹1,27,800 – ₹1,26,800 zone. The medium-term trend for MCX gold rate remains firmly bullish,” said Ponmudi R.
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