Gold rate today: COMEX price slips below $4,000/ounce; ₹1.25 lakh/10 grams in India soon amid US Fed rate hike buzz?
Gold, silver rates today: Amid US Fed rate hike buzz and strong US dollar, the precious metals in the international market witnessed selling pressure during the early morning session on Thursday. The COMEX gold price today slipped below $4,000 per ounce and touched an intraday low of $3,973.80 per ounce. Likewise, the COMEx solver price today went further down and hit an intraday low of $51.160 per ounce, inching close to the 52-week low of $48.050 per ounce. Taking cue from the global markets, the MCX gold rate and MCX silver rates opened lowe.
Gold price on MCX is down by around ₹550 per 10 gm and trading around ₹1,39,000 per 10 gm, whereas silver price on MCX is down by over ₹1,700 per kg. The MCX silver rate is trading below ₹1,83,000 per kg levels. this has triggered the debate whether the gold prices in India would soon touch ₹1.25 lakh per 10 gm and silver prices in India may soon touch ₹1.50 lakh per kg.
According to market experts, gold and silver prices are under pressure due to the two major factors; renewed inflation fear triggering the US Fed rate hike buzz in December 2026 meeting and strong US dollar.
Highlighting the major reasons for falling gold prices today, Vikram Subburaj, CEO, Giottus.com, said, “Gold and silver futures are facing renewed pressure as stronger-than-expected US inflation data has strengthened expectations of further Federal Reserve tightening.”
Vikram Subburaj of Goittus.com said that inflation has raised expectations of a December rate increase. This has strengthened the dollar and reduced the appeal of precious metals.
Expecting the weakness in the gold and silver prices to continue further, Anuj Gupta, a SEBI-registered market expert, said, “Due to the long celebrations caused by the Christmas and the new year after the US Fed meeting in December, aggressive position are getting squared off and probability of new aggressive positions are very low due to the renewed US inflation. Hence, gold and silver is expected to remain an ideal sell on rise asset as bets are high for a 50 bps rate hike in the upcoming US Fed meeting.”
The SEBI-registered market expert said the COMEX gold price today has strong support placed at $3,800 per ounce levels. If this support gets broken, then the precious yellow metal may try to test the next support of $3,400 to 3,350 per ounce range. Likewise, the COMEX silver rate today has strong support placed at ₹50 a,d $48 per ounce levels. if this support gets broken, then in that case we can expect the COMEX silver price to come close to $42 or may be $40 per oounce levels.
“Converting these pivot levels for the gold and silver prices on COMEX in the Indian Rupee, the immediate support for the gold rate today in India is around ₹1,35,000 per 10 gm, whereas the MCX silver rate today has strong support at ₹1,75,000 and ₹1,68,000 per kg levels. On a decisive breach below $48 per ounce in the international market, the MCX silver price is expected to come close to ₹1,55,000 and ₹1,48,000 per kg levels. Similarly, the MCX gold rate is expected to come close to ₹1,30,000 and ₹1,20,000 per 10 gm levels if the precious yellow metal decisively breaks below $3,800 per ounce support,” said Anuj Gupta.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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HomeMarketsCommoditiesGold rate today: COMEX price slips below $4,000/ounce; ₹1.25 lakh/10 grams in India soon amid US Fed rate hike buzz?
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