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Gold price today: MCX gold rate trades above ₹1,00,000 per 10 grams on US Fed rate cut hopes, silver prices rise

Gold price today: MCX gold rate trades above ₹1,00,000 per 10 grams on US Fed rate cut hopes, silver prices rise

Mint3 days ago
Gold prices on the Multi-Commodity Exchange (MCX) opened marginally higher on Thursday, tracking gains in international bullion prices amid increased expectations of an interest rate cut by the US Federal Reserve.
MCX gold rate opened marginally higher at ₹ 1,00,297 per 10 grams as against its previous close of ₹ 1,00,185. MCX silver price opened 0.18% higher at ₹ 1,15,239 per kg, compared with its previous close of ₹ 1,15,029.
However, the gold prices soon gave up opening gains, and at 9:10 AM, the MCX gold price was down by 0.03% at ₹ 1,00,150 per 10 grams. The MCX silver prices were trading 0.13% higher at ₹ 1,15,180 per kg at the same time.
In the international bullion market, gold prices rose for a third day on increased bets of Federal Reserve interest-rate cuts after Treasury Secretary Scott Bessent urged the US central bank to lower borrowing costs.
Spot gold price was 0.5% higher at $3,372.03 per ounce, after rising 0.2% in the previous session.
The US dollar eased and the Treasury yields fell on Wednesday after Bessent suggested the Fed's benchmark rate ought to be at least 1.5 percentage points lower than it is now. Lower borrowing costs and declining yields tend to support gold, as it pays no interest.
'Weakness in the dollar index and 10-year Treasury yields coupled with growing expectations of a Federal Reserve rate cut in September supported gains in precious metals. Signs of stress in the US labour market and manageable inflation levels further strengthened the case for monetary easing in September and potentially in December as well,' said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
The US dollar languished near multi-week lows against the euro and sterling. The dollar index, which measures the currency against the euro, sterling and four other major peers, was steady at 97.704.
Jigar Trivedi, Senior Research Analyst at Reliance Securities noted that the markets are almost certain of a 25 bps cut in September, with some positioning for a larger 50 bps move.
'The latest US CPI report eased concerns over tariff-driven inflation, while signs of a cooling labour market added scope for further monetary easing by the US Federal Reserve, supporting the gold prices,' Trivedi said.
Trivedi said that the outlook for gold prices remains bullish for intraday.
'Support for MCX gold rate is placed at ₹ 99,800 level, while resistance is seen at ₹ 1,00,500 level,' he noted.
Kalantri said gold prices have support at $3,348 - $3,330 levels, while resistance is seen at $3,382 - $3,399 levels. Silver has support at $38.40 - $38.15 and resistance at $38.90 - $39.10.
'MCX gold price has support at ₹ 99,710 - ₹ 99,450, while resistance is at ₹ 1,00,550 - ₹ 1,00,780. Silver prices have support at ₹ 1,14,380 - ₹ 1,13,550, while resistance is at ₹ 1,15,750 - ₹ 1,16,400.' Kalantri said.
(With inputs from Reuters)
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