MCX Gold falls below ₹1.23 lakh/10 grams after US Fed minutes; Silver futures gain on Nov 20

Similarly, yellow metal contracts for the February 2026 expiry were trading at ₹1,24,577 per 10 grams, down by ₹38 or 0.03%, at around 10:57 am.

However, on the MCX, silver futures for the December expiry increased ₹947 or 0.61% to trade at ₹1,56,054 per kilogram. White metal contracts for February 2026 delivery stood at ₹1,59,105 per kilogram, up by ₹1,008 or 0.64%.

Globally, Comex gold (for December) eased by 0.38% to $4,067.19 per ounce. Meanwhile, Comex silver was at 51.08$ per troy ounce, marking a 0.45% jump.

The 19-member interest rate-setting committee, known as the Federal Open Market Committee, appeared to be split during its October meeting over cutting interest rates, with one camp being more concerned about the rising inflation, and the other more worried about the stalling labour market, minutes released on Wednesday showed.

The disagreement extended into the outlook for December, with officials expressing skepticism about an additional rate cut, with many saying that there is no need for more rate cuts in 2025.

In past weeks, Federal Reserve officials have offered mixed cues, with Thomas Barkin highlighting balanced risks between inflation and employment, while Christopher Waller struck a more dovish tone, citing weakening labour conditions.

For now, investors will be waiting for Thursday's September jobs report for insights into the health of the US economy.

Meanwhile, Commerce and Industry Minister Piyush Goyal said on Tuesday, “You will hear good news" on the proposed trade pact between India and the US once the deal is fair, equitable, and balanced.

The remarks came days after President Donald Trump stated that the US is "pretty close" to reaching a "fair trade deal" with India and added that he will lower the tariffs imposed on Indian goods at "some point".

Furthermore, India’s gold imports surged nearly threefold to reach a record high of $14.72 billion in October, primarily due to increased demand for festivals and weddings, according to data from the Commerce Ministry.

Gold imports stood at $4.92 billion in October 2024. Cumulatively, imports during April-October this fiscal year rose 21.44% to $41.23 billion from $34 billion a year ago.

High gold imports have pushed the country's trade deficit (difference between imports and exports) to a record high of $41.68 billion in October.