Gold prices exhibited robust performance in early trading on Tuesday, reaching their highest levels in three weeks, as investors realized profits in the US dollar index, thereby bolstering sentiment throughout the bullion market. On the Multi Commodity Exchange, gold futures for December 5 delivery were trading at Rs 1,25,007 per 10 grams, reflecting an increase of Rs 1,037 or 0.84%. The recent increase represents a three-week peak for the metal, with analysts anticipating additional upward momentum in the short term. On Monday, gold concluded the trading session with gains in both domestic and international markets. The December futures contract for gold concluded at Rs 1,23,970 per 10 grams, reflecting a gain of 2.40%. Gold experienced notable increases due to the anticipated conclusion of the U.S. shutdown and the potential for Federal Reserve rate reductions in the upcoming December policy meetings.
Gold prices have reached a two-week peak, supported by profit-taking in the dollar index and strong safe-haven buying, according to Manoj Kumar Jain. Jain noted that gold maintains its critical threshold of $3,870 and has surpassed $4,100 per troy ounce, signaling sustained bullish sentiment. Today, the US Dollar Index was hovering near the 99.67 mark, gaining 0.04 or 0.04%, reflecting a mild recovery that continues to influence short-term trading dynamics in bullion markets. “We expect gold prices to remain volatile this week amid fluctuations in the dollar index and instability in the global financial markets, ahead of the U.S. inflation data. Gold is anticipated to trade within the range of $3,960–4,220 per troy ounce this week,” he added.
Gold exhibits support within the range of Rs 1,22,740 to Rs 1,22,000, while resistance is observed between Rs 1,25,000 and Rs 1,26,650. Jain recommends accumulating gold during each market dip, provided that gold maintains a closing price of Rs 1,21,000. He noted that gold is expected to approach Rs 1,26,000 within the next 2–3 sessions, reflecting continued strength in investor sentiment driven by global macroeconomic uncertainty and monetary easing expectations. Analysts believe the safe-haven appeal of gold will remain intact in the near term, particularly as traders monitor inflation data and signals from the Federal Reserve regarding the December policy meeting.
The price of standard gold (22 carat) in Delhi is currently Rs 92,528 for 8 grams, whereas the price for pure gold (24 carat) is Rs 99,456 for the same quantity. The price of standard gold (22 carat) in Mumbai is currently Rs 92,888 for 8 grams, whereas the price for pure gold (24 carat) is Rs 99,944 for the same quantity. The price of standard gold (22 carat) in Chennai is currently Rs 92,328 for 8 grams, whereas the price for pure gold (24 carat) is Rs 99,304 for the same quantity. The price of standard gold (22 carat) in Hyderabad is currently Rs 92,240 for 8 grams, whereas the price for pure gold (24 carat) is Rs 99,152 for the same quantity.