Gold price today: MCX gold rate falls below ₹74,000 per 10 grams; silver price drops by ₹1,100 | Stock Market News
Source: Live Mint
Gold prices on MCX opened sharply lower on Thursday tracking weakness in international bullion prices that hit a two-month low amid a stronger US dollar. Silver prices also dropped by more than 1%.
At 9:05 am, MCX gold rate traded lower by ₹609, or 0.82%, at ₹73,873 per 10 grams, while MCX silver rate was down by ₹1,067, or 1.20%, to ₹88,130 per kg.
In the international market, gold prices were flat after hitting a two-month low earlier. Spot gold was flat at $2,573.73 per ounce, after hitting its lowest level since September 19 earlier in the session, while US gold futures fell 0.3% at $2,578.00, Reuters reported.
A spike in US dollar and uncertainty regarding the pace of the Federal Reserve’s interest rate cuts pressurized the yellow metal prices.
The US dollar index, which measures the currency against six top counterparts including the euro and yen, added 0.1% to 106.55, having earlier touched 106.56 for the first time since November of last year, Reuters reported.
Meanwhile, data showed US inflation rose as expected in October, which could result in fewer interest rate cuts from the Fed next year.
Investors now await the US Producer Price Index (PPI) and weekly jobless claims report, along with comments from Fed Chair Jerome Powell, who is scheduled to speak later in the day.
(With inputs from Reuters)
