Today's gold price: silver prices drop by ₹1,100, while the MCX gold rate slips below ₹74,000 per 10 grams.

Thursday saw a dramatic decline in gold prices on the MCX, following a two-month low in worldwide bullion prices due to a stronger US dollar. Additionally, the price of silver fell by over 1%.

The price of MCX gold was down ₹609, or 0.82%, at ₹73,873 per 10 grams at 9:05 am, while the price of MCX silver was down ₹1,067, or 1.20%, at ₹88,130 per kg.

Following a two-month low earlier, gold prices were unchanged on the global market. After plunging to its lowest level since September 19 earlier in the day, spot gold was unchanged at $2,573.73 an ounce, while US gold futures dropped 0.3% to $2,578.00, according to Reuters.

A spike in US dollar and uncertainty regarding the pace of the Federal Reserve’s interest rate cuts pressurized the yellow metal prices.

After touching 106.56 for the first time since November of last year, the US dollar index, which compares the currency to six major peers, including the euro and yen, gained 0.1% to 106.55, according to Reuters.

Due to rising bond and dollar yields, the price of gold opened the day gapping down. Gold prices broke through the crucial $2,585 support level on the global market and are now approaching the $2,550 barrier. Before important US economic data, the yellow metal price trend is still negative, according to Ajay Kedia, director of Kedia Advisory.

Kedia adds that MCX gold may encounter resistance at the ₹75,600 level, while it has support at the ₹73,500 level. The international gold price has resistance at the $2,610 level and support at $2,550.

In the meantime, data indicated that US inflation increased as anticipated in October, which may lead to fewer rate reduction by the Fed in the coming year.

Investors are now anticipating the weekly unemployment claims report and the US Producer Price Index (PPI), as well as remarks from Fed Chair Jerome Powell later in the day.


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