- Gold prices in India were Rs 1,21,760 per 10 gm on Tuesday
- Gold declined as Fed officials did not support a rate cut next month
- Gold prices varied across cities, highest in Chennai at Rs 1,21,890
The gold prices in India today stood at Rs 1,21,760 on Tuesday. Gold slipped as three Federal Reserve officials declined to signal support for another interest-rate cut next month.
Bullion moved lower toward $3,980 an ounce, after fluctuating between gains and losses on Monday. Fed Governor Lisa Cook said she viewed the risk of further weakness in the labor market as higher than the risk of inflation rising again, but stopped short of backing a December rate cut.
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Gold had surged to an all-time high midway through last month, but later retreated on concerns that the rally had been too sharp. Traders are now assessing whether the upward trend can pick up again, with the Fed's policy trajectory playing a key role, as looser monetary policy typically benefits non-interest-bearing gold.
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"There's the risk we see the Fed trying to water down rate-cut expectations just a little," said Kyle Rodda, an analyst at Capital.com Inc to news agency Bloomberg. "That could force yields and the dollar higher, and weigh against gold."
Gold Price Today: Delhi, Mumbai, Chennai Prices
In New Delhi, the price stood at Rs 1,21,330, per 10 gm, and in Mumbai, it stood at Rs 1,21,540 on Tuesday.
In Bengaluru, the rate stood at Rs 1,21,630, while in Kolkata, it was Rs 1,21,380 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,21,890 per 10 gm.
The Dec. 5 futures stood at Rs 1,21,409 according to the Multi-Commodity Exchange. The spot prices of the yellow metal fell to $3,981 on Tuesday, according to Bloomberg.
Silver Price Today: Spot and Future Prices
The precious metal's price was trading at Rs 1,47,970 per kilogram on Nov. 4, according to the India Bullion Association.
Dec. 5 futures for silver were trading higher at Rs 1,47,758, according to the Multi-Commodity Exchange.
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