Gold price today LIVE: Gold recovered in morning trade on the MCX on Tuesday, December 30, after a share single-day drop buoyed by healthy spot market demand and improved buying interest. February gold futures on the MCX were trading 0.54% higher at ₹1,35,668 per 10 grams, reflecting renewed momentum in domestic bullion prices.
Meanwhile, Spot gold fell 1.9% to $4,448.23 an ounce. U.S. gold futures for February delivery were also down 1.9% at $4,467.90. On MCX, gold futures retreated 1.4% or nearly ₹2,000 to ₹137,900 per 10 grams.
US President Donald Trump said on Sunday that discussions with Ukrainian President Volodymyr Zelenskiy were “getting a lot closer” to a possible agreement to end the war in Ukraine.
Despite the pullback, gold prices have surged about 80% this year, supported by expectations of easier US monetary policy, a weaker dollar, ongoing geopolitical tensions, and strong central bank demand.
Gold is expected to remain volatile in the range of ₹1,35,000– ₹1,42,000 in the near term, said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
All eyes on Fed minutes
Markets are now awaiting the release of the Federal Reserve’s December meeting minutes for further signals on the interest rate outlook. Traders are currently pricing in two rate cuts next year, a scenario that typically supports non-yielding assets such as gold.
Track this space for LIVE updates on the gold price today.