Gold rate today: MCX gold prices rose nearly 1% in early trade on Monday, December 1, driven by growing expectations of interest rate cuts by the US Federal Reserve and the Reserve Bank of India (RBI) this month, while robust spot demand continues to provide key support. MCX gold February contracts were 0.71% up at ₹1,30,425 per 10 grams around 9:10 am, while the MCX silver March futures were 1.9% up at ₹1,78,289 at that time.

The Monetary Policy Committee (MPC) of the RBI will meet on December 3, 4, and 5 to decide on benchmark interest rates and the policy stance, at a time when inflation is at a record low and economic growth is robust.

On the other hand, the US Federal Open Market Committee (FOMC) will convene on December 9-10 to decide on the federal funds rate.

The market is pricing in a rate cut from the US Fed. According to the CME’s FedWatch tool, traders are pricing in an 87% chance of a US Fed rate cut next week.

However, the RBI may go for a pause due to favourable growth-inflation dynamics. India’s Q2FY26 GDP growth surged to a six-quarter high of 8.2%, while India’s retail inflation plunged to a record low of 0.25% in October.

(This is a developing story. Please check back for fresh updates.)

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