New Delhi, Nov 4 || The price of gold futures declined on Tuesday as investors booked profits, tracking gains from a stronger US dollar and lowered expectations for additional Federal Reserve rate cuts this year.
The price of 10 grams of 24-carat gold was Rs 1,19,916 as of 12.30 pm, according to data published by the India Bullion and Jewellers Association (IBJA).
December gold futures on the Multi Commodity Exchange (MCX) fell by Rs 836, or 0.69 per cent, to Rs 1,20,573 per 10 grams, as the dollar index surged by 0.08 per cent to 99.95.
Analysts noted a strong dollar, reduced US-China trade tensions, and decreased likelihood of another US rate cut as factors diminishing bullion's attractiveness.
"Gold hovered around $4,000 mark as the dollar remained resilient at over three-month highs. Fed officials continued pressing competing views on the economy, a debate set to intensify ahead of the Fed's December policy meeting and in the absence of key data, including from the Bureau of Labor Statistics, due to the federal government shutdown," said Manav Modi, Analyst–Precious Metal - Research, Motilal Oswal Financial Services Ltd.