Gold price today: Gold rates declined in the domestic futures market Thursday morning despite positive global cues after the US inflation data came broadly on expected lines, raising hopes for a 25 bps rate cut by the US Federal Reserve next week on December 18.
In international markets, gold rose for a fifth straight session on Thursday to hover near a more than two-week peak, reported Reuters.
MCX Gold for February 5 expiry traded 0.25 per cent lower at ₹78,804 per 10 grams around 9:15 am.
The US consumer price index (CPI) rose to 2.7 per cent in November from a year ago, up slightly from 2.6 per cent in October. Even as the inflation prints came in line with forecasts, they climbed for a second consecutive month, registering the steepest gain in the last seven months amid higher food prices and other sectors.
Gains in the dollar index also weighed on gold prices in India. Since gold is traded in the dollar globally, the rise in the US currency makes the yellow metal expensive in other currencies and weighs on its demand.