Gold price today: Yellow metal sees profit booking ahead of US Fed Policy decision

Gold prices fell on the Multi Commodity Exchange (MCX) on September 15 as investors remained cautious ahead of the United States Federal Reserve's upcoming policy announcement. The most-active October gold futures declined by Rs 148 or 0.14% to Rs 1.09 lakh per 10 gram, with a turnover of 15,852 lots, while the December contract slipped Rs 111 or 0.10% to Rs 1.10 lakh per 10 gram in 5,656 lots. Internationally, Comex gold for December delivery edged down 0.10% to $3,682.72 per ounce. Market participants focused on the Federal Reserve's expected 25 basis points rate cut, following signs of a slowing US labour market. 

Domestic gold saw profit booking after reaching all-time highs in recent sessions. 

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold traded in a narrow range around $3640 on Comex and Rs 1,09,000 on MCX as participants assess the impact of the Fed’s policy decision on Wednesday evening. Markets are pricing in a 0.50 bps rate cut along with guidance on the future roadmap, with sentiment leaning towards a dovish outcome. At the same time, this week’s US CPI and jobless claims data will add further cues to Fed’s stance. Support remains strong at Rs 1,07,500 while extended resistance is seen at Rs 1,11,000."

Manav Modi, Analyst, Precious Metals Research at Motilal Oswal Financial Services said, "Gold witnessed profit booking after hitting all-time highs, but losses remained limited due to weak US jobs data, rupee depreciation, and expectations of monetary easing."

The rupee's depreciation and global economic uncertainty underpinned gold demand, with traders closely monitoring central bank signals. "Traders expect gold to remain range-bound until the Fed's decision provides clearer signals."

Current market dynamics reflect a careful balance between short-term profit-taking and gold's traditional role as a safe-haven asset.

Geopolitical tensions in the Middle East and Eastern Europe, combined with ongoing US-China discussions in Madrid, are contributing to persistent caution among investors. The gold market remains sensitive to global risk factors, with immediate direction likely to depend on upcoming policy signals and macroeconomic data releases.