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Gold prices surged past ₹1.25 lakh in India, while silver crossed ₹1.56 lakh, as US Federal Reserve hints at a possible rate cut next month. The gains in international markets reflected in India’s MCX trading, with investors optimistic about further price hikes.
US Rate Cut Hopes Push Gold and Silver Prices Higher
New Delhi: Gold and silver prices rose again in the country's futures market on Monday. Gold is trading at ₹1,25,121 per 10 grams on the MCX exchange, having reached a high of ₹1,25,234 during the trading session. A day earlier, gold closed at ₹1,23,854. Silver is trading at ₹1,56,571 and reached a high of ₹1,57,413 during the trading session.
Gold futures are trading at ₹4,178.40, up ₹48 per ounce on the Comex market in New York. Gold spot prices reached ₹4,143.17. Silver futures are up 2 percent at ₹51.93 per ounce, while silver spot prices are at ₹51.45. According to experts, the rise in metal prices in the international market is due to expectations of a US interest rate cut.
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According to Bart Melek, Head of Commodity Strategy at TD Securities, the possibility of a rate cut by the US Federal Reserve in December has boosted investor confidence. New York Fed President John Williams stated that US interest rates could fall "in the near future." This would control inflation and support the employment market. According to the CME FedWatch tool, the probability of an interest rate cut has now reached 79 percent.
The US Fed's hint of a possible rate cut also led to a rise in the Indian futures market. Investors are buying gold and silver in anticipation of a rise. Experts say that due to delayed government data and weak economic signals, investors are moving towards safe havens, leading to a rise in metal prices.
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Experts say that gold and silver prices may rise further in the coming days. Investors are closely monitoring US retail sales, unemployment, and producer price data, which have been delayed for several days. These signals will determine buying and selling trends in the market.
The rise in gold and silver prices is driven by a potential rate cut by the US Federal Reserve and investor sentiment in global markets. This rally is likely to continue in the domestic market, as investors are increasingly considering metals as safe investments.
