Gold rate today below Rs 1.23 lakh per 10 grams: Gold, silver prices continue to fall; what’s the outlook?
Gold rate today: Gold and silver prices dropped in early trading on Monday, with investors booking profits following a record global rally and recent market fluctuations. At the Multi Commodity Exchange (MCX), December gold futures decreased by Rs 1,142 or 0.92%, trading at Rs 1,22,309 per 10 grams.Silver futures also dipped by Rs 4,560 or 3%, reaching Rs 1,42,910 per kilogram. This shift occurred before the upcoming US Fed’s policy meeting this week, as traders reduced their positions at higher price points, according to an ET report.Gold and silver prices are reacting to the announcement of an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping in Asia, as both nations continue their trade dispute. The White House indicated this meeting comes after both countries implemented reciprocal trade measures. They are also influenced by increased geopolitical tensions, particularly following US sanctions against Russian oil companies Lukoil and Rosneft related to the Ukraine conflict.In global markets, Gold prices reduced on Monday due to a robust US dollar and improving US-China trade relations affecting the safe-haven asset. Market participants remained watchful of upcoming central bank meetings for policy direction.Spot gold decreased by 0.7% to $4,082.77 per ounce, whilst US gold futures for December delivery fell 1% to $4,095.80. The dollar reached a two-week peak against the yen, resulting in increased gold prices for those holding other currencies.Spot silver decreased 0.3% to $48.42 per ounce, platinum rose slightly by 0.1% to $1,607.24, and palladium declined 0.2% to $1,426.06.Investors are now focusing on the forthcoming US Fed meeting, with expectations firmly set on a 25-basis-point reduction in interest rates.“Every dip in gold price gives buyers a chance to buy and enjoy it. Wedding buyers with upcoming wedding dates can consider utilizing the dip to buy,” says Suvankar Sen, MD & CEO, Senco Gold Ltd, according to the report.“Gold prices remain under pressure as profit booking extended from overbought levels, with renewed optimism around US trade deals with India and potentially China prompting investors to trim positions. Prices have corrected over 3.40%, currently hovering near Rs 1,22,000, as traders await key US CPI data due later in the evening, which is likely to add to market volatility. The ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious. In the near term, gold prices are likely to remain volatile within a range of Rs 1,18,000–Rs 1,25,500, with bias tilted slightly negative until clarity emerges on these macro developments,” Jateen Trivedi of LKP Securities, said.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
