Gold price today, December 3: Rates recover 1% to $4,218 after dip in yesterday’s trade; Check 24K, 22K, 18K prices in your city

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

Spot gold price stood at $4,218 an ounce on December 3, as of 6:32 a.m IST, which is a recovery of 1.18 percent from yesterday’s low at $4,169.

India’s December gold futures opened the trade at Rs 1,30,789 per 10 grams of 24-carat purity, which is 0.79 percent up from previous close.

Meanwhile, the rupee stood at 89.918 against the U.S. dollar at 3:00 a.m. IST, up 0.033 percent for the day.

Interest rate traders now comprise 89.2 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.

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 2.

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

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

The Augmont Bullion report published on December 3, stated that gold has started its upward journey again; next target is $4,300 (Rs 1,32,000) and $4,345 (Rs 1,33,500) with strong support at $4,200 (Rs 1,29,000).

"With the recent outbreak of uncertainty around the world, combined with consistent demand for gold within the domestic market, gold retains its attractiveness as a secure investment. Even though the price has decreased slightly from the previous trading session, the overall return on gold remains at a high point due to ongoing interest from both investors and households ahead of holiday shopping," said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA).

According to gold analysts gold prices are likely to recover as the U.S Federal Reserves and the Reserve Bank of India are set to announce policy rates, which could give a push to gold’s momentum in the coming days.

“If the central bank delivers the expected quarter-point cut and signals comfort with easing into early 2026, gold should hold support near the 4,200 level,” according to Investing(dot)com.

As per Augmont report, gold and silver continue to rise as recent data indicates a gradual cooling of the US economy, combined with dovish signals from Fed policymakers, has bolstered market expectations for a 25-basis-point rate cut at the US central bank's meeting next week, with traders pricing in an 89 percent chance of the move

"Given fluctuations in foreign currency values, as well as ongoing volatility in the global market, it is expected that gold will remain a viable hedge against inflation. Today’s small decline can be viewed as just a minor correction during the ongoing overall upward trend that has been occurring from past few days," said Kamboj.