Gold price today: Rates of gold and silver declined on the MCX on Wednesday (September 17) morning on profit booking ahead of the US Federal Reserve’s monetary policy decision. MCX Gold October futures traded 0.25 per cent down at ₹1,09,884 per 10 grams around 9:10 am, while MCX Silver December futures were 1.08 per cent down at ₹1,27,424 per kg at that time.
The dollar’s rise against its peers also weighed on gold prices. The dollar index rose by over 0.10 per cent, making the yellow metal costlier in other currencies.
The US Fed is expected to cut rates by 25 bps later today amid a cooling jobs market and sticky inflation. Experts believe the central bank may overall go for a 75-100 bps rate cut this cycle, which could boost gold prices.
Gold prices have surged more than 40 per cent this year, supported by strong central bank demand, safe-haven inflows, and a shift away from the weakening US dollar.
According to Reuters, the holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.32% to 979.95 metric tons on Tuesday, from 976.80 tons on Monday.
(This is a developing story. Please check back for fresh updates.)
