Gold Price Today on December 2: Rates climb closer to its all-time high of Diwali amid Fed-driven rate cut cheer

Gold Price today

Spot gold price was up 0.22 percent at $4,240 an ounce on December 2, as of 12:04 a.m. IST, after briefly reaching a six-week high of $4,356.50 during yesterday’s trade.

India’s gold futures for December rose 1.39 percent to Rs 1,31,300 per 10 grams of 24-carat purity, which was just 1.16 percent behind its all time high of Rs 1,32,250 in October 2025— and closed the session at Rs 1,30,721.

The rupee closed the session at 89.64 against the U.S. dollar at 12:00 a.m. IST, up 0.33 percent for the day.

Interest rate traders now comprise 87 percent vote for the probability of a 350-375 target rate bps in the upcoming U.S Federal Reserve meeting in December, as per FedWatch data that tracks the probabilities of changes to the Fed rate.

Reuters on Monday reported that as many as five of the 12 voting policymakers on the central bank's rate-setting Federal Open Market Committee have opposed cutting rates further, while a core of three members of the Washington-based Board of Governors wants rates to fall.

The Augmont Bullion report published on December 1, stated that gold has started its upward journey again, the next target is $4,345 and $4,400, with strong support at $4,170.

The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,28,800 for 10 grams of 999 purity in their 18:30 p.m rate session on December 1.

“Gold price traded strong yesterday with gains of Rs 1,500 at Rs 1,31,000, inching closer to the all-time high of Rs 1,32,250 made before Diwali. With Fed’s rate-cut expectations strengthening and U.S. debt levels sitting near historic peaks, safe-haven demand has remained robust.

“The pace of recovery in gold continues to surprise on the upside, even as Russia-Ukraine peace hopes emerge— reflecting the strong positioning by global central banks and institutional buyers,” said Jateen Trivedi, VP Research Analyst (commodity and currency), LKP Securities.

Gold prices vary by purity. Check out below to see prices of gold based on their purity.