Gold price today: A day after clocking solid gains of over a per cent, the rates of gold and silver climbed by over half a per cent in early deals on Wednesday, November 26, on healthy spot market demand and US Fed rate cut hopes. MCX gold December futures were 0.50% up at ₹1,25,835 per 10 grams around 9:10 am. MCX silver December futures were 0.91% up at ₹1,57,750 per kg at that time.
International gold prices rose to a near two-week high on Wednesday, after fresh US macro data weighed on the dollar and raised expectations of a rate cut by the US Federal Reserve next month.
The dollar index slipped near 99.60, touching a one-week low, making gold attractive for overseas buyers. The benchmark 10-year US Treasury yields stayed near one-month lows hit in the previous session.
US retail sales data and the Producer Price Index data for September bolstered hopes for a rate cut in December.
US retail sales grew at a slower pace than expected in September. The US Commerce Department’s data showed that overall retail sales rose by 0.2% on a month-on-month basis in September, following August’s 0.6% increase.
(This is a developing story. Please check back for fresh updates.)
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
