The MCX gold rate and spot gold price faced downward pressure as investors wait for the release of US inflation data. Experts recommend buying gold on dips, expecting potential Fed rate cut speculation if the inflation figures come out positive. The price range for MCX gold is currently between ₹71,000 to ₹72,000 per 10 grams, while spot gold oscillates between $2,310 and $2,340 per ounce. A weakening US dollar index and the expectation of a Federal Reserve rate cut also contribute to the fluctuation in gold prices.