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In the early Thursday’s session, Gold prices managed to retreat on the Multi-Commodity Exchange (MCX), weighed down by profit booking and a decent rebound in US dollar.
Gold futures for February delivery slipped 0.13% to Rs. 1,30,288 per 10 grams, while silver futures for March were slightly lower at Rs. 1,82,200 per kg.
Traders are now more interested on unwinding positions as the dollar index climbed back above the 99 mark, although it briefly fell to 98.85 in the earlier session.
Gold Prices in Bangalore declined slightly; the price of 24K gold fell to Rs 13,036 per gram from the previous day's price of Rs 13,058. The price of 10 gms of 24K gold also went down to Rs 1,30,360 from Rs 1,30,580.
Due to the decline in 24K gold, the price of 22K gold also fell from Rs 11,970 per gram to Rs 11,950 per gram. For 10 grams of 22K gold, the price declined to Rs 1,19,500 from Rs 1,19,700.
As with Bangalore, India, the price of Gold also declined modestly in the capital, Delhi. The price of 24K gold fell to approximately Rs 13,051 per gram compared to the price that was Rs 13,073 yesterday.
The price of 10 grams of Gold 24K had a similar decline from Rs. 1,31,730 for 10 grams to Rs. 1,30,510.
In the Indian market, all eyes are on the Reserve Bank of India’s Monetary Policy Committee (MPC) announcement scheduled for December 5.
The policy outcome is expected to provide short-term direction to bullion prices. Analysts remain divided, with some anticipating a 25-basis-point reduction in interest rates, while others believe the central bank may hold rates steady.
Meanwhile, global traders are preparing for the US Federal Open Market Committee (FOMC) meeting on December 9-10. The CME FedWatch tool suggests a probability of around 89% that the Fed may announce its first rate cut on December 10.
Analysts have highlighted key price levels to watch. On the international front, gold may find support near $4,175-$4,145, while resistance is likely around $4,270-$4,295.
Silver is projected to stay stable as long as it holds above $57.70-$56.85, with potential upside capped near $58.95-$59.45.
Domestically on MCX, gold is well-supported near Rs. 1,29,450 - Rs. 1,28,750, whereas resistance may emerge around Rs. 1,30,950 - Rs. 1,31,700.
Silver is likely to remain steady above Rs. 1,80,750 - Rs. 1,79,200, but traders will watch for resistance near Rs. 1,83,510 - Rs. 1,84,670.
Also Read: Gold vs. Crypto: Which became the Better Hedge in 2025?
