The current price of gold: MCX rates decline as the dollar strengthens; attention turns to US data; analysts point out important levels to monitor

Due to the weak global cues and the dollar's increase, the rates of gold and silver fell in the domestic futures market on Monday morning, November 17. At 9:10 am, MCX Gold December futures were down 0.21 percent at ₹1,23,300 per 10 grams. At ₹1,55,424 per kg, MCX Silver December contracts were down 0.38 percent.

Gold demand and prices were impacted by the dollar index, which remained stable and increased by 0.14%. Since gold is backed by dollars, an increase in the US dollar makes the yellow metal more expensive in other currencies, which affects demand. The US macro data this week, including the September nonfarm payrolls report on Thursday, are currently the main focus. The market's impression of the state of the greatest economy in the world and expectations for the US Federal Reserve's impending monetary policy decision in December will be shaped by these data prints. Government data releases have been postponed due to the recent end of the US government shutdown. The Bureau of Economic Analysis of the Commerce Department may be updating its data release timetable, according to media sources.

 In the meantime, Reuters reports that "traders are currently pricing in a 46 per cent probability of a 25 basis points Fed rate cut next month, down from 50 per cent last week." When interest rates are low, gold prices often increase.