Gold prices in India witnessed a decline at the opening of the Multi Commodity Exchange (MCX) on Monday, as investors rushed to secure profits following a significant rally in the previous trading session. The precious metal opened lower, reflecting a cautious sentiment in both domestic and international markets.
Domestic Market Sees Correction
On the MCX, the gold futures contract for December 5 delivery opened at ₹1,30,266 per 10 grams. This marked a fall of ₹386, or 0.3%, from the previous session's close. The price later showed a minor recovery, hovering around ₹1,30,338 per 10 grams at the time of reporting. This pullback is primarily attributed to profit-booking activity, where traders liquidate positions to realize gains after a steep upward movement.
International Trends and Long-Term Outlook
The dip in Indian markets mirrored the trend in global benchmarks, where gold and silver futures also retreated as traders opted to lock in profits. Despite the day's decline, the long-term trajectory of gold remains overwhelmingly bullish. Over the past two decades, gold prices have surged by an astonishing 1,500%. To put this in perspective, the price has escalated from approximately ₹7,638 per 10 grams in 2005 to over ₹1,25,000 by September 2025.
City-Wise Gold Rates on December 2
The correction was felt uniformly across major Indian cities, with rates for 24, 22, and 18 karat gold all moving lower. Here is a snapshot of the prices per 10 grams:
Mumbai: 24K gold was priced at ₹1,30,150 (down ₹400), 22K at ₹1,19,304, and 18K at ₹97,613.
Delhi: The capital saw 24K gold at ₹1,29,910 (down ₹410), 22K at ₹1,19,084, and 18K at ₹97,433.
Kolkata: Prices here stood at ₹1,29,970 for 24K (down ₹400), ₹1,19,139 for 22K, and ₹97,478 for 18K.
Bengaluru: The city reported 24K gold at ₹1,30,240 (down ₹410), 22K at ₹1,19,387, and 18K at ₹97,680.
Hyderabad: Rates were ₹1,30,340 for 24K (down ₹410), ₹1,19,478 for 22K, and ₹97,755 for 18K.
Chennai: The price of 24K gold was ₹1,30,520 (down ₹410), with 22K at ₹1,19,643 and 18K at ₹97,890.
Ahmedabad: 24K gold traded at ₹1,30,300 (down ₹420), 22K at ₹1,19,442, and 18K at ₹97,725.
The day's movement underscores the volatile nature of commodity markets, where short-term profit-taking can lead to corrections even within a strong long-term uptrend. For investors, such dips are often watched closely as potential entry points, given gold's historical role as a hedge and store of value.
