Today's gold rate: Following a drastic drop in the previous session, gold prices on the MCX edged up on Tuesday. International bullion prices hiked as well but remained at a one-month low as investors awaited major US economic data and speeches from Federal Reserve officials, hoping for more clarity on interest rate trajectory.
At 9:20 am, MCX gold prices jumped by ₹119, or 0.16%, to ₹75,470 per 10 kg, while silver prices increased by ₹18, or 0.02%, to ₹89,200 per kg. Meanwhile, on Monday, the gold price fell 2.53%, while silver fell 2.35%.
International Market Rate
In the international market, spot gold increased 0.2% to $2,624.17 per ounce, after falling to its lowest level since October 10 on Monday, while US gold futures advanced 0.5% to $2,630.10.
The US dollar remained around a four-month high, fueled by investor confidence about the upcoming Donald Trump government. A rising dollar often makes gold more costly for holders of other currencies, hence, lowering demand and dropping the price.
Market players will focus on the October US Consumer Price Index data on Wednesday, the Producer Price Index and weekly jobless claims on Thursday, and retail sales and industrial production on Friday.
Furthermore, multiple US Federal Reserve officials, including Chairman Jerome Powell, are expected to appear this week, potentially providing additional monetary policy direction.
Expectations For December
The market's expectations for a December interest rate decrease have changed recently. According to the CME Group's FedWatch Tool, the chances of a rate cut have dropped to about 65%, down from about 80% a week ago.
