Gold price today: MCX gold rose by almost a per cent to reclaim the ₹1,25,007 per 10 grams mark in morning deals on Tuesday, November 11, on healthy spot demand and positive global cues. MCX Gold December contracts were 0.94 per cent up at ₹1,25,137 per 10 grams around 9:15 am. MCX Silver December contracts were 1.12 per cent up at ₹1,55,407 per kg at that time.
International gold prices rose to a near three-week high on growing expectations of another US Fed rate cut in December.
Meanwhile, a stable dollar and US bond yields also supported gold prices.
Rate cut expectations have been one of the biggest drivers of gold prices this year. Recent data have shown stress in the US job market and weak consumer sentiment, raising expectations that the Fed may consider a 25 basis points rate reduction next month.
“Gold rose above $4,130/oz, hitting a three-week high as growing economic uncertainty in the US fueled expectations for a near-term Federal Reserve rate cut. Last week’s data showed job losses in October, particularly in government and retail sectors, while consumer sentiment fell to a three-and-a-half-year low in early November,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
(This is a developing story. Please check back for fresh updates.)
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