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Gold and silver prices opened lower on the first day of December, marking a soft start to the new month for precious metal investors. While domestic market trends played a role, global cues—including expectations from the US Federal Reserve—also influenced price movements. Most major Indian cities reported a slight decline in gold prices on Monday morning, while silver too slipped after last week’s surge.

In Delhi, the price of 24-carat gold slipped to ₹129,960 per 10 grams, reflecting a minor drop compared to the previous session. The 22-carat variety is currently priced at ₹119,140 per 10 grams. Mumbai recorded a similar trend, with 24-carat gold trading at ₹129,810, and 22-carat gold available at ₹118,990 per 10 grams.

Despite the decline today, gold has gained sharply over the past week. In the last seven days, 24-carat gold has strengthened by ₹3,980, while 22-carat gold has risen by ₹3,650. This steady weekly climb shows that investor interest remains strong, even as short-term fluctuations continue.

Gold rates remain nearly uniform across most metropolitan cities, with only minor variations:

These numbers indicate that gold remains stable across major regional markets, with minor city-specific differences based on local demand, taxes and transportation costs.

The immediate pressure on gold is linked to anticipation surrounding the US Federal Reserve’s next policy move. Market expectations of a possible interest rate cut in December have increased. If the Federal Reserve does opt for a rate reduction during its December 9–10 FOMC meeting, gold could witness a stronger upward movement.

Lower interest rates generally make government bonds less attractive to investors. As bond yields decline, traders often shift their capital toward safer, non-interest-bearing assets such as gold, boosting its price. This global sentiment, combined with domestic market factors like demand and import costs, continues to shape gold price trends in India.

Not just gold but silver prices also corrected slightly on December 1. The metal is currently priced at ₹184,900 per kilogram in the domestic market. Despite the drop, silver recorded a sharp weekly rise of ₹21,000.

In global markets, silver was trading at $53.81 per ounce, reflecting steady international interest. As with gold, silver’s price in India is influenced by both domestic factors—including industrial demand—and movements on international exchanges.

With the crucial US Fed meeting approaching, volatility in precious metal markets is expected to continue. Any signals of monetary easing could potentially push gold and silver prices higher in the coming weeks. Domestic factors such as festive demand, wedding season buying, currency fluctuations and import duties will also contribute to short-term price behavior.

For now, December has begun with a mild dip, but the overall outlook for precious metals remains cautiously optimistic.