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On Tuesday, December 9, 2021, gold opened at a lower price as traders awaited the announcement from the US Federal Reserve regarding its final policy for the year.
The price of February gold futures on MCX is Rs. 1,29,978.00 for 10 grams and has remained unchanged, while March silver is up 0.5% at Rs. 1,82,705.00 for 1 Kg, exhibiting better price movements than gold.
Since the reduction in price of 24K gold in Mumbai, prices for 24K gold have been reduced to Rs. 13,009.00 from Rs. 13,042.00 per gram.
The price for 10 grams of 24K gold has also decreased to Rs. 1,30,090.00 from Rs. 1,30,420.00.
Additionally, due to the decrease in price for 24K gold, 22K gold prices have been lowered to Rs. 11,925.00 per gram from Rs. 11,955.00; 22K has also decreased in cost for 10 grams of gold, which is now priced at Rs. 1,19,250.00 from Rs. 1,19,550.00.
Referencing Mumbai's current market scenario, Chennai has also felt the effects of falling gold prices. 24K gold price per gram in Chennai currently stands at Rs. 13,091.00 from the previous price of Rs. 13,135.00.
The price of 10 grams of 24K gold has also been reduced from Rs. 1,31,350.00 to Rs. 1,30,910.00.
The precious metals market continues to react to mixed US economic signals. Inflation remains above the Fed’s 2% target, with the PCE price index, its preferred metric rising 0.3% in both August and September.
At the same time, recent labour market indicators have shown divergence. US private payrolls recorded a decline of 32,000 jobs in November, the steepest drop in more than two years. Yet jobless claims fell sharply to 1,91,000, marking their lowest level in over three years.
Analysts at Comerica Economics expect the Federal Open Market Committee to announce a 25-basis-point rate cut, bringing the federal funds rate to a range of 3.50%-3.75%.
Rising US Treasury yields, which climbed to a two-and-a-half-month high on Monday, continue to cap gold’s upside despite supportive expectations of monetary easing.
Also Read: Gold ETFs Hit Rs. 1 Lakh Crore: Why Millions of Indians Are Betting Big on ETFs in 2025
Market experts note that international gold prices are currently supported at $4,165 and $4,135, while resistance lies at $4,230 and $4,265.
On MCX, gold has support near Rs. 1,29,250 and Rs. 1,28,450, with resistance likely around Rs. 1,30,750 and Rs. 1,31,100.
Silver is expected to stay supported between $57.60 and $56.95 globally, with resistance levels near $58.75 to $59.15, while on the MCX, support lies around Rs. 1,80,000 to Rs. 1,78,400 and resistance at Rs. 1,83,300 to Rs. 1,85,100.
