Gold rate today: After rising for three straight weeks, the MCX gold rate opened flat on Monday. The gold futures contract on Multi Commodity Exchange for February 2025 expiry opened lower at ₹78,259 per 10 gm but soon gathered upside momentum and came around ₹78,400 per 10 gm, just ₹23 per 10 gm away from Friday’s close of ₹78,423. In the international market, spot gold price oscillates around $2,687.56 per ounce, whereas COMEX gold price is around $2,715 per troy ounce.

According to market experts, the gold rate today is under pressure for two reasons: soaring US dollar rates and slower US Fed rate cut buzz after the release of December 2024 US Fed meeting minutes.

Triggers for gold price today

Speaking on the reason for the weakness in gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said, “Gold price today is under pressure due to the soaring US dollar rates and slower US Fed rate cut buzz.” However, Anuj Gupta of HDFC Securities said that the overall trend for gold is positive, and gold investors should see any big dip as a buying opportunity.

US Fed rate cut in focus

Pointing towards US Fed December 2024 minutes, Suganda Sachdeva, Founder of SS WealthStreet, said, “In December 2024 US Fed meeting minutes, the Central Bank of America signalled a preference for a slower pace of rate reductions in 2025 amid sticky inflation and the strong labour market in the US economy.”

“Adding to the complexity, the US dollar index continued its rally, reaching a high of 109.96, typically a headwind for gold prices. Further, the crucial US Non-Farm Payrolls data reported stronger-than-expected job additions in December, bolstering the case for a prolonged pause in rate cuts by the Fed,” Sugandha added.

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