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Gold and Silver Today: The downward trend in gold prices continued with rates falling close to Rs 1.18 lakh per 10 grams amid weak global cues and renewed optimism over trade talks between the US and China.

According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold dropped by Rs 3,034 to Rs 1,18,043 compared to Rs 1,21,077 in the previous session.

Similarly, 22-carat gold slipped to Rs 1,08,127 per 10 grams from Rs 1,10,907, while 18-carat gold fell to Rs 88,532 from Rs 90,809.

Silver also witnessed a steep fall in prices, dropping by Rs 3,135 to Rs 1,41,896 per kg, against Rs 1,45,031 earlier. IBJA releases gold and silver prices twice a day, at 12 noon and 5 p.m.

The weakness in the spot market was mirrored in futures trading on the Multi-Commodity Exchange (MCX). The December 5, 2025, gold contract fell 1.87 per cent to Rs 1,18,700, while the silver contract for the same expiry slipped 0.74 per cent to Rs 1,42,301.

In international markets, gold and silver settled on a mixed note ahead of the US Federal Reserve’s monetary policy outcome. Gold December futures contract closed at $3,983.10 per troy ounce, down 0.91 per cent, while silver December futures settled 1.18 per cent higher at $47.324 per troy ounce.

Domestic markets followed a similar pattern. Gold December futures settled at Rs 1,19,646 per 10 grams, registering a 1.08 per cent loss, whereas silver December futures ended at Rs 1,44,342 per kilogram, up 0.68 per cent.

Commenting on the recent movements, Manoj Kumar Jain, a market analyst, said, “Gold and silver recovered from 3-week lows in a highly volatile session ahead of the FOMC meeting outcome. The trend remains volatile.”

He noted that prices initially extended their decline during early trading but bounced back in the late evening session after the US dollar index weakened and US 10-year bond yields slipped below 4 per cent.

Market sentiment turned cautious ahead of the Federal Reserve’s policy meeting, which began on Tuesday and will conclude later today.

“As per market expectations, the US Fed could cut interest rates by 25 basis points to boost the US job market. Fed rate cut hopes supported gold and silver prices at lower levels,” Jain added.

According to Jain, gold is holding its crucial make-or-break level at $3,870, while silver is sustaining a closing price above $46.50 per troy ounce. He expects gold to trade between $3,870 and $4,280 per troy ounce, and silver between $45.50 and $51.50 per troy ounce this week.

On the domestic front, Jain highlighted that gold has support at Rs 1,18,800–Rs 1,17,700 and resistance at Rs 1,20,500–Rs 1,21,400, while silver is likely to find support at Rs 1,42,800–Rs 1,41,200 and resistance at Rs 1,46,000–Rs 1,47,750.

He further said, “Gold and silver seem to have formed a temporary bottom, and short covering is expected from lower levels. Gold could test Rs 1,21,500, and silver may move up to Rs 1,47,000 levels.”

Jain advised traders to avoid short selling at current levels, suggesting that long-term investors should hold their positions, as volatility is likely to continue amid the Fed meeting outcome, dollar movement, and US-China trade discussions.

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

He has previously worked wi