Gold prices on the Multi Commodity Exchange (MCX) opened lower on Tuesday as traders booked profits following a sharp rally in the previous session. Silver followed a similar trend, falling more than 1.5%. MCX gold began the day 0.41% down at ₹1,30,109 per 10 grams compared to its prior close of ₹1,30,652, while silver started 0.73% lower at ₹1,80,701 per kg versus ₹1,82,030 earlier.
By 9:15 AM, gold was trading at ₹1,30,372, down ₹280 or 0.21%, and silver had slipped to ₹1,79,001 per kg, marking a decline of ₹3,029 or 1.66%. Globally, gold eased after touching a six-week high, as investors locked in gains while awaiting comments from Federal Reserve Chair Jerome Powell and key economic indicators. Spot gold dipped 0.2% to $4,222.93 per ounce, and US December futures fell 0.4% to $4,256.30.
Analysts noted growing expectations of a US rate cut next week, supported by weak economic data. Outlook projections suggest MCX gold may move toward ₹130,000, with clear support and resistance levels guiding both gold and silver. Despite short-term weakness, experts maintain that the broader trend for MCX gold remains bullish.
