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 silver 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.
Gold Rate Today | Major drags
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.
How much more fall can be expected?
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.
Can gold price in India hit ₹1.25 lakh per 10 gm?
“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.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
About The Author
