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Gold prices traded lower on the Multi-Commodity Exchange (MCX) in early trade on Tuesday, December 16, as investors booked profits after the recent rally. MCX gold February futures slipped around 0.5% to trade near Rs. 1,33,500 per 10 grams, while silver March contracts declined over 1.5% to around Rs. 1,94,600 per kg.
The correction comes after both metals touched record or near-record levels in the previous session.
Gold prices eased today on MCX, and Mumbai also mirrored that trajectory. 24K gold fell to Rs. 13,386 from yesterday’s Rs. 13,538 per gram. The cost for 10 grams of 24K gold has also declined to Rs. 1,33,860.00 from Rs. 1,35,380.00.
Similarly, 22K gold prices have also decreased to Rs. 12,270.00 per gram from Rs. 12,410.00; the cost for 10 grams of 22K gold has dipped to Rs. 1,22,700.00 from Rs. 1,24,100.00.
In Chennai, gold prices also decreased. 24K gold price per gram trades at Rs. 13,473.00 from the previous price of Rs. 13,653.00.
The price of 10 grams of 24K gold has also declined from Rs. 1,36,530.00 to Rs. 1,34,730.00.
International gold prices remain near record highs. Spot gold is trading near $4,300 per ounce, supported by a weaker US dollar, which has fallen to a two-month low.
Expectations of interest rate cuts by the US Federal Reserve remain a key driver, with markets currently pricing in a high probability of a rate cut as early as January.
Silver prices remain elevated, despite some intraday softness, after posting exceptional gains this year on the back of tightening supplies and strong industrial demand.
Investors are now focused on the upcoming US non-farm payrolls data, which could provide clearer signals on the Fed’s future policy path.
In addition, monetary policy meetings of major central banks such as the Bank of England and the Bank of Japan, along with geopolitical developments, are expected to influence short-term price action in precious metals.
Also Read: Top Gold Stocks on the TSX in 2025: Best Performers
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, "We suggest buying gold on dips around Rs. 1,33,600 with a stop loss of Rs. 1,32,800 for the target of Rs. 1,35,000 and wait for some corrective dips in silver for initiating fresh long positions".
On MCX, gold has strong support in the Rs. 1,33,500-Rs. 1,32,800 range, while resistance is placed near Rs. 1,34,800-Rs. 1,35,500.
For silver, support is seen around Rs. 1,96,000-Rs. 1,94,500, with resistance near Rs. 2,00,000.
