New Delhi, Nov 14 || Gold prices saw a significant drop on Friday, mirroring the softer trend in global markets as traders reacted to fading expectations of a near-term US Federal Reserve rate cut.
Gold futures contracts on the Multi-Commodity Exchange (MCX) opened firmly in red and stayed under pressure throughout the session. The December futures contract of gold dropped by Rs 1,186, or 0.94 per cent, settling at Rs 1,25,573 per 10 grams.
MCX Silver December contracts dipped 1.09 per cent or Rs 1,690 to Rs 1,60,780 per kg.
At mid-day, the price of 10 grams of 24-carat gold was at Rs 1,25,478, down from Rs 1,26,554 on Thursday, according to data published by the India Bullion and Jewellers Association (IBJA).
Market expectations for a December rate cut fell sharply, with traders now pricing in around a 50 per cent probability of a 25-basis-point cut, while projections for 2026 remain unchanged.