Bullion futures drop amid fading rate cut hopes

Gold and silver futures fell as traders trimmed their positions after remarks from US Federal Reserve officials dampened the expectations of a rate cut in their next meeting.

The yellow metal futures for December delivery plunged by Rs 1,229, 0.99 per cent, to Rs 1,22,332 per 10 grams.

The February contract also depreciated by Rs 1,207, or 0.96 per cent, to Rs 1,24,101 per 10 grams. Gold futures climbed by Rs 2,494, or 2.06 per cent in the previous week.

Meanwhile, silver prices extended their losses for the second consecutive session. The white metal for December tanked by Rs 1,944, or 1.25 per cent, to Rs 1,54,074 per kilogram while the March 2026 contract tumbled by Rs 1,971, or 1.24 per cent, to Rs 1,56,862 per kg.