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During Trade on Early Tuesday morning, Gold prices dropped due to what has been classified as 'Profit Taking' after a Bullish Day.
The Global Trading Community also showed caution while they awaited the future comments of the Chairman of the US Federal Reserve and important Economic Indicators that might shed light on Interest Rates.
On Multi-Commodity Exchange (MCX), gold traded 0.41% lower at Rs. 1,30,109 per 10 grams, compared with its previous close of Rs. 1,30,652. Silver also declined 0.73% to Rs. 1,80,701 per kg.
In India, specifically in Mumbai, Gold Prices fell marginally. The Price for 1 Gram of 24K Gold opened at Rs. 13,020 as opposed to Rs. 13,048 the Previous Day. In contrast, Gold was trading at Rs. 1,30,200 for a 10-gram segment from yesterday's Rs. 1,30,480.
Additionally, 22K Gold was trading at Rs. 11,935 as opposed to Rs. 11,960. Overall, a 10 Gram amount matched Rs. 1,19,350 and previously held the Price Tag of Rs. 1,19,600.
In Chennai, Gold Prices saw a Minor Decrease as well. The Price of 1 Gram of 24 Karat Gold was Rs. 13,135 compared to Rs. 13,167 Yesterday. The Price for a 10 Gram amount at Rs. 1,31,350 was previously mounted at Rs. 1,32,670.
22-carat gold also declined to Rs. 12,040 per gram from Rs. 12,070, with the 10-gram price falling to Rs. 1,20,400 from Rs. 1,20,700.
Global gold prices also dipped after touching a six-week high on Monday. Spot gold slipped 0.2% to $4,222.93 per ounce, while US gold futures dropped 0.4% to $4,256.30. The pullback came as traders locked in gains ahead of macroeconomic events.
According to analysts, expectations of a potential 25 bps rate cut at the upcoming Federal Reserve meeting, currently at 88% probability, continue to shape market sentiment.
Weak US economic data, including another contraction in the manufacturing sector in November, has added pressure on the sentiment across the market.
Investors are awaiting the ADP employment report and the delayed PCE inflation data, which could determine near-term price direction.
Also Read: Gold vs. Crypto: Which became the Better Hedge in 2025?
According to Jigar Trivedi of Reliance Securities, gold is likely to remain subdued until the Fed Chair’s remarks provide clarity on the policy path.
For international prices, support is seen at $4,165-$4,135, with resistance at $4,260-$4,295. Silver has support around $56.40-$55.85 and resistance near $57.95-$58.45.
On the domestic front, MCX gold has support at Rs. 1,29,650-Rs. 1,28,850, while resistance stands at Rs. 1,31,450-Rs. 1,32,100.
MCX silver may find support around Rs. 1,80,750-₹1,79,200, with resistance at Rs. 1,83,110-Rs. 1,84,300.
