MCX Gold slip to ₹1.21 lakh/10 grams; Silver futures also falls on dampened Fed rate cut expectations

Similarly, the yellow metal contract for the February 2026 expiry stood at ₹1,22,820 per 10 grams, down by ₹1,854 or 1.49%, at around 10:21 am.

The safe-haven futures climbed by ₹2,494, or 2.06% in the previous week.

On the MCX, silver contracts for the December expiry fell ₹3,741 or 2.41% to ₹1,51,571 per kilogram. The white metal futures for March 2026 delivery were down by ₹3,385 or 2.14% at ₹1,54,540 per kilogram.

Over the past week, silver futures skyrocketed by ₹8,290, or 5.61%.

In the international market, Comex gold (for December delivery) declined 1.56% to trade at $4,011.10 per ounce, while Comex silver was at $49.41 per troy ounce, down 2.57%.

Analysts said that the demand for the futures softened as investors prepared for a busy week of delayed US economic data.

Investors will also be on the lookout for the upcoming non-farm payrolls report, which is expected to offer crucial insight into the Federal Reserve's policy direction.

Market expectations for a December rate cut have diminished following hawkish comments from Fed officials last week, with the probability slipping to 46% from 50% a week earlier.

Meanwhile, the latest government data released on Monday showed India's exports contracted 11.8% to $34.38 billion in October, due to the impact of high tariffs by the US, while the trade deficit widened to a record high of $41.68 billion, mainly due to a jump in gold imports.

The country's imports jumped 16.63% to $76.06 billion due to high inbound shipments of the yellow metal, silver, cotton raw/waste, fertiliser, and sulphur.

While gold imports rose about 200% to $14.72 billion, silver imports rose 528.71% to $2.71 billion during October.

On the other hand, the first phase of the proposed India-US bilateral trade agreement (BTA) is "nearing closure" and would address the hefty 50% tariffs imposed by the Trump administration on Indian goods, in addition to resolving America's market access issues, a government official said on Monday.

According to commodities market experts, traders shift their focus to key US economic data releases, including the jobs report and the Federal Reserve's meeting minutes, for fresh signals on the interest rate decision.

Investors will also closely watch Federal Reserve Chair Jerome Powell's speech on Wednesday. Along with comments from other Fed officials throughout the week, which will drive the gold prices, they added.