Gold price today: The rates of gold and silver traded lower on the MCX in morning trade on Tuesday, December 16, due to profit booking amid softer spot demand and lack of fresh triggers. MCX gold February futures were 0.48% down at ₹1,33,492 per 10 grams around 9:10 am, while MCX silver March contracts were 1.64% down at ₹1,94,657 per kg at that time.
However, international gold prices were trading near a record high of around $4,300 per troy ounce as the US dollar dropped to near a two-month low.
Investors now await the US nonfarm payrolls report later in the day for more clues on the Federal Reserve’s monetary policy outlook.
Experts expect gold and silver prices to remain volatile this week, reacting to U.S. macroeconomic data, which will shape expectations about the U.S. Federal Reserve’s policy moves. The policy meetings of the Bank of England (BoE) and the Bank of Japan (BOJ) will also be in focus.
On Monday, MCX gold February 5 contracts hit a record high of ₹1,35,496 but closed 0.33% up at ₹1,34,061, while MCX silver March 5 expiry ended 2.7% higher at ₹1,98,049 per kg.
(This is a developing story. Please check back for fresh updates.)