Gold prices in Kolkata were steady on Wednesday, tracking global cues that pointed to subdued trading ahead of the US Federal Reserve’s monetary policy announcement. On the Multi Commodity Exchange (MCX), gold futures for December delivery declined by Rs 176, or 0.15 per cent, to Rs 1,19,470 per 10 grams, in a turnover of 13,116 lots.
Silver futures for December delivery, however, rebounded by Rs 451, or 0.31 per cent, to Rs 1,44,793 per kilogram after recent losses.
Caution Ahead of Fed Policy Keeps Markets Range-Bound
Globally, Comex gold futures were down $15.9, or 0.4 per cent, at $3,967.2 per ounce, marking a four-day decline. Jigar Trivedi, Senior Research Analyst at Reliance Securities, observed, “Gold prices traded around USD 3,970 per ounce on Wednesday, as the attention turned to the Federal Reserve’s expected rate cut later in the day.” He noted that traders were watching Fed Chair Jerome Powell’s comments for signals on further monetary easing.
Silver on Comex rose 0.32 per cent to $47.47 per ounce. Reports that Presidents Donald Trump and Xi Jinping were close to finalising a deal to prevent further tariffs and ease trade tensions lent a degree of optimism to broader markets.
Gold Prices in Kolkata Hold Steady
In Kolkata, 24-karat gold (999 purity) stood at Rs 12,158 per gram, while 22-karat gold was priced at Rs 11,145 per gram. Despite a subdued performance, gold has risen almost 50 per cent this year, supported by central bank buying, persistent inflationary concerns, and a backdrop of global economic uncertainty.
India’s reliance on imported bullion continues to shape domestic price movements. Since gold is traded in US dollars, fluctuations in the rupee have a direct impact on costs. A weaker rupee increases import bills, while a stronger one provides temporary relief.
For investors and households in Kolkata, gold remains a cornerstone of financial planning and a preferred hedge against inflation. Even as global markets remain cautious, the yellow metal continues to symbolise safety and stability amid changing economic tides.
