Gold price today: Gold and silver prices in domestic futures continue its gaining streak on Friday, November 14, amid weak US Dollar and hawkish remarks from U.S. Federal Reserve officials dampened expectations of a rate cut in December.
MCX gold December contracts were 0.12 per cent up at ₹1,26,905 per 10 grams around 9:15 am. MCX silver December futures were 0.21 per cent up at ₹1,64,805 per kg at that time.
The dollar index was on track for a second consecutive weekly decline against major currencies, making gold more appealing for buyers using other currencies.
Amid concerns over inflation and indications that the labour market is stabilising after two rate cuts this year, an increasing number of Federal Reserve officials are showing reluctance toward additional policy easing.
The Fed trimmed rates by 25 basis points last month, but Chair Jerome Powell struck a cautious tone on the likelihood of another cut this year, citing insufficient supporting data.
According to CME Group’s FedWatch tool, traders now see a 51% chance of a quarter-point rate cut next month — down from 64% in the previous session.y
(This is a developing story)
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