Gold prices near ₹1.09 lakh per 10 grams as global cues weigh

Gold prices retreated on Monday (September 15) in the domestic futures market, tracking weak global cues, as investors stayed cautious ahead of the US Federal Reserve’s policy meeting later this week.

On the Multi Commodity Exchange (MCX), the most-active October gold futures fell ₹148 or 0.14% to ₹1.09 lakh per 10 grams in a turnover of 15,852 lots.

The December contract also slipped ₹111 or 0.10% to ₹1.10 lakh per 10 grams in 5,656 lots.

In international markets, Comex gold for December delivery was down 0.10% at $3,682.72 per ounce.

Market participants are focused on the Fed’s upcoming decision, with traders largely expecting a 25 basis points rate cut amid signs of a slowing US labour market. Analysts noted that inflation readings, industrial production, and retail sales data due this week could provide further direction for the precious metals market.

Manav Modi, Analyst – Precious Metals Research at Motilal Oswal Financial Services, said gold witnessed profit booking after hitting all-time highs, but losses remained limited due to weak US jobs data, rupee depreciation, and expectations of monetary easing.

Darshan Desai, CEO of Aspect Bullion & Refinery, added that optimism about gold’s long-term outlook continues, with some analysts projecting prices could move towards $5,000, supported by economic uncertainty, a weaker dollar, and steady ETF inflows.

Geopolitical tensions in the Middle East and Eastern Europe, alongside ongoing US-China talks in Madrid, are also adding to market caution. Traders expect gold to remain range-bound until the Fed’s decision provides clearer signals.

-With PTI inputs