Gold Price At Rs 1,21,000 Levels After Fed Rate Cut — Check Rates In Delhi, Mumbai And Other Cities

The gold prices in India today stood at Rs 1,21,040 on Thursday after Federal Reserve Chair Jerome Powell indicated that a pause on rate cuts in December cannot be ruled out. The rates had dipped to Rs 1,19,930 on Wednesday.

Delivering on the expectations, the monetary policy authority trimmed the overnight lending rates 3.75–4% to 4–4.25%. After trading in the green for most of the day, the US spot gold slipped around 0.9% to $3,915.23 an ounce, as Powell made it clear that the Fed is yet to decide on delivering the rate cut projected in the final month of this year.

Gold prices had declined earlier this week, tracking weak global trends as easing US-China trade tensions dented safe-haven demand. On Sunday, top economic officials from Washington and Beijing agreed on the framework of a potential trade deal, which is expected to be discussed when US President Donald Trump meets his Chinese counterpart, Xi Jinping, in South Korea later this week.

The previous drop in prices was led by a confluence of factors including positive trade talks between China and the US, a stronger dollar, overstretched technicals, and uncertainty on investor positioning due to the government shutdown were factors cited for the price drop on the global scale.

Gold prices had scaled a new peak for the fifth consecutive session in the international market two weeks ago. The heightened US-China trade frictions has supported demand of the yellow metal, as reported by Bloomberg.

In New Delhi, the price stood at Rs 1,20,610, per 10 gm, and in Mumbai, it stood at Rs 1,20,820 on Thursday.

In Bengaluru, the rate stood at Rs 1,20,910, while in Kolkata, it was Rs 1,20,660 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,21,170 per 10 gm.

The Dec. 5 futures stood at Rs 1,20,699 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $3,953 on Thursday, according to the World Gold Council.

The precious metal's price was trading at Rs 1,46,550 per kilogram on Oct 30, according to the India Bullion Association.

Dec. 5 futures for silver were trading higher at Rs 1,46,140, according to the Multi-Commodity Exchange.