Gold price today, Dec 9: Rates dip slightly near $4,200; check 24K, 22K, 18K prices in your city

The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,28,592 for 10 grams of 999 purity in their 18:30 rate session on December 8.

Spot gold price stood at $4,196 an ounce on December 9, as of 7:30 a.m. IST, which is a recovery of around 0.13 percent in the last 24 hours.

India’s December gold futures closed the Friday trade at Rs 1,29,920 per 10 grams of 24-carat purity, which is 0.0323 percent down from the previous close.

Meanwhile, the rupee stood at 90.276 against the U.S. dollar on December 6.

Interest rate traders now comprise 87.3 percent vote for the probability of a 350-375 target rate bps in the upcoming U.S Federal Reserve meeting, come December 9, as per FedWatch data that tracks the probabilities of changes to the Fed rate.

The Indian Bullion and Jewellers Association (IBJA) announced the price of yellow at Rs 1,28,592 for 10 grams of 999 purity in their 18:30 rate session on December 8.

Gold rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

“Gold is inching upward as a softer US dollar and rising bets on a near-term Federal Reserve rate cut boost bullion’s safe-haven appeal. With the dollar languishing near month-lows, overseas demand has re-emerged, giving gold room to rally. For now, gold appears to be supported, and a sustained upward move could gather pace if rate-cut expectations translate into actual action," said Rahul Gupta, Chief Business Officer, Ashika Stock Services.

“Gold traded in a narrow range near Rs 1,30,450 after a flat opening around Rs 1,30,400, while Comex gold hovered near $4,209, keeping the first half of Monday muted. The key driver for the week remains the Federal Reserve’s policy statement and interest rate decision, which will set the next trend.

On the domestic front, continued weakness in the rupee due to the lack of clarity on the India-U.S. trade deal is providing support to MCX gold. The positive range for gold is seen between Rs 1,28,500 and ₹1,32,000,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.