Mumbai, 9 December. Ahead of the US Federal Reserve‘s interest rate decision, gold and silver prices remained steady on Tuesday due to cautious investor sentiment.
During early trading, February gold futures on the Multi Commodity Exchange (MCX) were stable at ₹1,29,978 per 10 grams.
Market experts noted, “Gold futures on MCX in the domestic market were trading around ₹1,29,952, tracking global bullish trends and supported by the weakness of the rupee.”
They added, “The ₹1,29,200 level continues to act as an important short-term support. As long as this level holds, the path remains open towards the resistance zone of ₹1,30,000 to ₹1,31,000.”
However, silver prices saw some gains. March silver futures on MCX rose by 0.50 percent to ₹1,82,705 per kilogram.
The global market is now focused on the Federal Reserve, which will announce its policy decision on Wednesday.
This meeting is taking place amid signs of cooling in the US job market, while inflation remains above the central bank’s 2 percent target.
Recent data shows the Personal Consumption Expenditure (PCE) Price Index increased by 0.3 percent in September, matching August’s rise. On an annual basis, it rose 2.8 percent, slightly higher than August’s 2.7 percent increase.
Meanwhile, private payroll data released last week revealed that private sector jobs fell by 32,000 in November, marking the steepest decline in over two years.
Economists at Comerica expect the Federal Open Market Committee to reduce the federal funds rate by 25 basis points, bringing it down to a range between 3.50 percent and 3.75 percent.
– SKT/
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
