Gold Price In Kolkata Today: Profit Booking Pulls Prices Back From Record Peaks
President Donald Trump announced that Israel and Hamas agreed to the first stage of a 20-point peace plan following talks in Egypt, prompting profit-taking.
Gold prices in India witnessed a decline on Thursday following record-breaking levels, as investors booked profits amid easing geopolitical tensions. On the Multi Commodity Exchange (MCX), December gold futures fell Rs 1,098, or 0.89 per cent, settling at Rs 1,22,111 per 10 grams after hitting a peak of Rs 1,23,450 on Wednesday. Silver futures also declined by Rs 1,008, or 0.67 per cent, closing at Rs 1,48,847 per kilogram, after touching Rs 1,50,282 per kilogram.
Globally, Comex gold for December delivery eased 0.34 per cent to $4,056.85 per ounce, while silver futures dropped 1.17 per cent to $48.42 per ounce. The market correction followed a strong four-day rally that lifted gold above $4,000 per ounce. Darshan Desai, CEO of Aspect Bullion & Refinery, said, “Gold prices pulled back on Thursday after a four-day rally that took the metal above $4,000 per ounce, amid profit-taking, as the first step toward a peace deal between Israel and Hamas eased demand for safe-haven assets.”
Economic and Policy Factors Influencing Prices
Investor sentiment was also influenced by developments in the United States. President Donald Trump announced that Israel and Hamas agreed to the first stage of a 20-point peace plan following talks in Egypt, prompting profit-taking. Additionally, minutes from the US Federal Reserve’s September meeting indicated consensus on lowering interest rates due to labour market risks, although debate continues on the number of cuts required.
The ongoing US government shutdown, now in its ninth day, has kept the dollar subdued, which supports commodities such as gold and silver. Experts highlight that the market remains cautious, awaiting stronger follow-through selling to confirm if gold prices have peaked. Remarks from Fed Chair Jerome Powell, expected later in the day, are likely to provide fresh signals for global bullion markets.
Kolkata Gold Rates Today
In Kolkata, the prevailing gold rates are Rs 11,380 per gram for 22-karat gold and Rs 12,415 per gram for 24-karat (999) gold. Amid market swings and economic uncertainty, gold continues to be a preferred choice for investors seeking long-term wealth security and a hedge against market volatility.
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