20 November,2025 11:00 AM IST | Mumbai | mid-day online correspondent
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Gold prices eased on Thursday as a stronger US dollar and fading hopes of a Federal Reserve rate cut in December weighed on the precious metal, ahead of the release of key US employment data.
In Mumbai, 24-carat gold was priced at Rs 1,24,870 per 10 grams, while 22-carat gold stood at Rs 1,14,460 per 10 grams. These rates exclude GST and making charges. Silver traded at Rs 1,68,100 per kg in the spot market.
At around 9:45 am, MCX Gold (December futures) slipped 0.23 per cent to Rs 1,22,768 per 10 grams.
In contrast, silver gained ground, with MCX Silver up 0.39 per cent at Rs 1,55,717 per kg.
Experts told IANS that gold has support at Rs 1,22,200 and Rs 1,21,650, while resistance lies at Rs 1,23,800 and Rs 1,24,400. Silver has support at Rs 1,54,000 and Rs 1,52,500, with resistance at Rs 1,56,600 and Rs 1,58,000.
Across major Indian cities on November 20, 22-carat gold prices ranged between Rs 1,14,460 and Rs 1,14,610 per 10 grams, while 24-carat gold prices stood between Rs 1,24,870 and Rs 1,25,020 per 10 grams. In Delhi and Jaipur, 22k gold was priced at Rs 1,14,610, and 24k gold at Rs 1,25,020. Ahmedabad recorded rates of Rs 1,14,510 for 22k and Rs 1,24,920 for 24k. In Pune, Mumbai, Hyderabad, Chennai, Bengaluru and Kolkata, 22k gold was uniformly priced at Rs 1,14,460, while 24k gold stood at Rs 1,24,870 in these cities.
The US dollar index climbed to 100.30, its highest level in over two weeks. A stronger dollar typically makes gold more expensive for international buyers, dampening global demand.
Sentiment was further pressured by the release of the US Federal Reserve's October meeting minutes, which indicated that policymakers remain wary of cutting interest rates prematurely, fearing a potential resurgence in inflation. The outlook has tempered expectations of a rate cut in December.
Analysts noted that gold pared earlier gains following the minutes, with traders closely monitoring developments in Japan and other economic indicators, the release of which has been delayed.
Meanwhile, the US jobless claims rose mid-October, while continuing claims increased to 1.9 million, signalling a cooling labour market conditions.
Federal Reserve officials offered mixed cues, with Thomas Barkin highlighted balanced risks between inflation and employment, while Christopher Waller struck a more dovish tone, citing weakening labour conditions.
Spot silver rose appreciated 3.09 per cent to USD 52.26 per ounce in the overseas trade.
(With inputs from IANS and PTI)
