Gold price today: The rates of gold and silver climbed in the domestic futures market on Wednesday morning (November 12), supported by the dollar’s softness and growing expectations of a rate cut by the US Federal Reserve in December. MCX gold December futures traded 0.34 per cent higher at ₹124333 per 10 grams around 9:05 am, while MCX silver December contracts were up 0.51 per cent at ₹1,55,480 per kg at that time.
International gold prices gained for a fourth consecutive session amid expectations that the flow of economic data after the reopening of the US government will support views for a US Fed rate cut in December.
The dollar index hit an intraday low of 99.46, which is positive for gold as the yellow metal becomes cheaper in overseas currencies when the greenback softens.
Meanwhile, the , which started on October 1 and is the longest in history, may soon end as the Senate passed legislation on Monday to reopen the government. The federal shutdown has halted salaries of thousands of federal workers, disrupted food benefits for millions of Americans and put travellers in a fix.
Expectations of another US Fed rate cut next month are supporting gold prices following weak job market and consumer sentiment data.
As Reuters reported, ADP data showed that US firms were shedding more than 11,000 jobs a week through late October.
According to CME Group’s FedWatch tool, markets are pricing in a 68 per cent probability of a 25 basis points US Fed rate cut next month, up from 64 per cent in the previous session
Meanwhile, Reuters reported Fed Governor Stephen Miran saying on Monday that a 50-bps rate cut in December would be appropriate as inflation is falling while the unemployment rate is rising.
(This is a developing story. Please check back for fresh updates.)
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