Gold price today: Rates of gold and silver jumped on the MCX in morning trade on Friday, September 19, on healthy spot demand and the dollar’s weakness. MCX Gold October futures were 0.32 per cent up at ₹109402 per 10 grams around 9:05 am, while MCX Silver December futures were 1 per cent up at ₹1,28,365 per kg at that time.
The subdued US dollar amid anticipation of further rate cuts by the US Federal Reserve is supporting gold prices.
According to Reuters, the CME Group’s FedWatch tool showed traders are pricing in a 92 per cent chance of another 25-basis-point cut by the Fed in October.
On September 17, the US central bank trimmed federal funds rates by 25 basis points and indicated that two more rate cuts could occur this year.
“The median participant projects that the appropriate level of the federal funds rate will be 3.6 per cent at the end of this year, 3.4 per cent at the end of 2026, and 3.1 per cent at the end of 2027. This path is 1/4 percentage point (25 bps) lower than projected in June,” said Fed Chair Jerome Powell.
Monetary easing, central bank buying and geopolitical uncertainties have driven gold prices this year. Domestic spot gold prices have surged nearly 45 per cent in 2025 so far.
(This is a developing story. Please check back for fresh updates.)
