Gold rates today in India: MCX gold price jumps over ₹1,640 per 10 grams to ₹1.31 lakh

Gold rates today in India: Gold prices resumed their winning streak on Wednesday, December 03, with February futures on MCX rising another ₹1,641, or 1.3%, to reach a day’s high of ₹1,31,400 per 10 grams, marking a six-week peak.
MCX gold opened the day 0.6% higher at ₹1,30,550 per 10 grams, compared to the previous close of ₹1,29,759. By 8:30 PM IST, MCX gold was trading ₹854, or 0.70% higher, at ₹1,30,650 per 10 grams.
In the international market, spot gold, too resumed its rally, gaining nearly 1% to $4,241 per ounce, bouncing back sharply after a 0.6% decline the previous day.
Gold gains backing from Fed Rate cut expectations
The metal’s appeal has been supported by rising expectations of a U.S. Federal Reserve rate cut. Weaker U.S. economic data and dovish comments from Fed officials have strengthened projections for policy easing at the central bank’s December 9-10 meeting, as gold typically benefits in a low-interest-rate environment.
According to the FedWatch tool, traders are now pricing in an 87% probability of a December rate cut. Physical demand for gold remains strong.
Investors are closely watching U.S. economic releases, including November ADP employment figures due at 13:15 GMT, and the September Personal Consumption Expenditures (PCE) Index, which was delayed due to the U.S. government shutdown and is expected on Friday.
Expectations that White House economic adviser Kevin Hassett could succeed Jerome Powell as Fed chair have further strengthened the dovish sentiment. Additionally, U.S. Treasury yields eased slightly after being pushed higher by a global sell-off in government bonds.
According to the World Gold Council, central banks purchased 53 tons of gold in October, marking a 36% month-on-month increase and the largest monthly net demand since early 2025.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.