MCX Gold slumps below ₹1.23 lakh/10 grams; Silver also declines as investors await US economic data

Similarly, the yellow metal contract for the February 2026 expiry slumped by ₹1,542 or 1.23% to trade at ₹1,24,308 per 10 grams, at around 10:20 am.

Over the past week, the safe-haven metal future (for the December contract) increased by ₹630, or 0.51%. Globally, Comex gold futures rose $51.4, or 1.25%. The yellow metal experienced volatility throughout the past week, due to hawkish Fed official commentary, fading hope of a rate cut at the Fed's December meeting, and a stronger US dollar.

On the MCX, silver contracts for the December expiry stood at ₹1,52,980 per kilogram, down by ₹1,171 or 0.76%. The white metal future for March 2026 delivery fell by ₹1,388 or 0.88% to ₹1,56,489 per kilogram.

In the past week, silver futures for December delivery declined ₹1,867, or 1.12%. In the international markets, Comex silver futures fell 1.52%.

Internationally, Comex gold was trading at $4,075.40 per ounce, marking a 0.99% slump. Comex silver decreased by 0.78% to $49.53 per troy ounce on Monday.

Analysts told PTI that investors would be on the lookout for key US economic data releases, including GDP and inflation, as well as signals from the Federal Reserve's December policy meeting for clarity on the trajectory of interest rates.

The focus will also be on economic numbers such as weekly jobless claims, consumer confidence, ISM Non-Manufacturing PMI, and the Personal Consumption Expenditures (PCE) inflation data, which are expected to offer further clues on the Fed's rate trajectory, they added.

Last week, the minutes from the latest Federal Open Market Committee (FOMC) meeting signalled that policymakers may keep rates elevated through 2025, slashing December rate-cut odds to 36%.