Gold Rate Today: A decline in gold prices is being seen in the first trading session of the week. On MCX, gold opened at Rs 77082 per 10 grams and is currently trading at Rs 77,008, down 0.17 percent or Rs 128. This week is going to be very important in terms of gold prices. There is going to be a big meeting of the US Central Bank Federal Reserve this week. Gold prices have fallen before this meeting.
Gold slipped below Rs 77000 on MCX
There is a fall in gold prices on MCX on Monday, December 16, 2024. Gold on MCX has slipped below Rs 77000. From the last closing, gold prices have fallen by Rs 177 to Rs 76,959, which is currently trading at Rs 76,977 per 10 grams. A decline is also being seen in the prices of silver. Silver is trading at Rs 90,838 per kg with a fall of 0.18 percent or Rs 163.
Keep an eye on the Federal Reserve meeting
The US Central Bank Federal Reserve is going to be very important on December 18, 2024. The market is expecting a quarter percent or 25 basis point cut in interest rates in this meeting. Also, the Federal Reserve can comment regarding rate cut in 2025. Before this the commodity market is very cautious. This is the reason why gold prices are falling.
Year 2024 is great for gold
The current year has been very good for gold investors. There has been a rise in gold prices due to global uncertainty, cut in interest rates and huge purchases of gold by central banks. In the current year, gold prices have increased by more than 20 percent. The World Gold Council in its report has predicted weak performance of gold in 2025. WGC has said in its report that in 2025, gold will trade around the current level and the possibility of a rise in prices is very less.
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