MCX gold slips to ₹1.30 lakh/10 grams; Silver futures fall from record highs on December 2

Similarly, silver futures for March 2026 delivery slipped by ₹2,383 or 1.31% to ₹1,79,647 per kilogram, falling from its record high of ₹1,82,998 per kilogram it had reached on Monday.

On the MCX, white metal contracts (for May 2026 expiry) were at ₹1,81,640 per kilogram, marking a ₹2,294 or 1.25% fall.

In the international market, Comex Gold (Feb) declined 0.49% to $4,253.90 per ounce, while Comex silver (March) stood at $57.985, down by 1.96% after touching a life-time high of $58.475 on December 1.

Last week, silver posted a spectacularly outperforming gold.

On Tuesday, the rupee depreciated 32 paise to an all-time low of 89.85 against the US dollar in early trade, weighed down by the broad strength of the American currency in overseas markets and persistent foreign fund outflows.

Furthermore, the US economic data released during the past week had investors betting on an 87.1% chance that the Federal Reserve will opt for a quarter point rate cut in December, according to the CME Group's FedWatch.

Meanwhile, reports suggest that White House National Economic Council Director Kevin Hassett is the front-runner to replace the current US Federal Reserve chair, Jerome Powell. He has echoed similar sentiments to those of US President Donald Trump, preferring lower interest rates.

However, Jerome Powell did not address the US economy or rate cuts in his speech at Stanford University, on Monday.

This week, investors will be on the lookout for key US economic data, including the November ADP employment report, which is slated to be published on Wednesday and September Personal Consumption Expenditure Index on Friday.

Domestically, the RBI policy meeting on Friday will also be on investors' radar.

Another factor that led to silver reaching an all-time high on Monday was China’s silver inventories falling to their lowest levels in a decade. The country exported a record of 660 tonnes to London to alleviate its supply constraints, which it had faced in October. The supply constraint in London is what led the white metal to touch its previous record high.