By Anubhav Maurya

Copyright republicworld

Gold Price Today: Gold’s record-setting rally took a breather on Thursday as prices slipped in early trade, pressured by a firmer US dollar and cautious signals from the Federal Reserve following its latest policy decision.On the Multi Commodity Exchange (MCX), gold for 10 grams traded at Rs 1,08,990, down Rs 832 or 0.76%. US gold futures for December delivery also fell 1.2% to $3,671.30 per ounce.Spot gold dropped 0.6% to $3,637.41 by 0636 GMT, retreating from Wednesday’s all-time high of $3,707.40.The pullback came after the Fed reduced interest rates by 25 basis points on Wednesday, a widely expected move. Chair Jerome Powell described the step as a “risk-management” cut to counter a weakening labour market.He emphasised that future policy would be determined “meeting by meeting,” striking a measured tone rather than committing to aggressive easing.According to Dr Renisha Chainani, Head – Research at Augmont, gold appears to have topped out near $3,700. If prices remain below this level, analysts see further downside toward $3,650 ($108,000/10 gm) and possibly $3,600 ($106,500/10 gm).Resistance is pegged at $3,750 internationally and Rs 1,10,500 domestically.Silver futures also seem to have peaked around $43, with the next support seen at $41 internationally and Rs 1,23,500 per kg in India. Resistance lies at $43 and Rs 1,30,500, respectively.Experts suggest a “sell on rallies” approach in the near term, while noting that geopolitical risks and central bank demand could continue to provide a long-term floor for gold and silver.The rupee weakened in early trade, falling 16 paise to 88.01 against the U.S. dollar at the interbank foreign exchange market. It opened at 87.93 before losing ground, compared with its previous close of 87.85. On Wednesday, the local currency had appreciated 24 paise.Meanwhile, Brent crude futures slipped 0.12% to $67.87 per barrel. Lower oil prices typically ease pressure on India’s trade deficit, though the rupee’s depreciation highlighted persistent pressure from global capital flows.On the equity front, Indian benchmarks rose sharply. The Sensex gained 447.5 points to 83,141.21 in early trade, while the Nifty advanced 118.7 points to 25,448.95.However, Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth Rs 1,124.54 crore on Wednesday, according to exchange data.