Gold prices on Multi Commodity Exchange of India (MCX) jumped on Wednesday, following gains in the international bullion market and weakness in Indian rupee that hit record low against the US dollar.
MCX gold rate opened higher at ₹1,30,550 per 10 grams as against its previous close of ₹1,29,759 level. MCX silver price opened higher at ₹1,83,799 per kg as compared to its previous close of ₹1,81,601 level.
In the international markets, gold prices were little changed after a 1% drop in the previous session, as investors awaited key US data for clues on potential interest rate cuts by the US Federal Reserve later this week.
Spot gold price was at $4,207.43 per ounce, while US gold futures for December delivery rose 0.5% to $4,239.50 per ounce. Silver price fell 0.2% to $58.32 per ounce, while platinum price declined 0.4% to $1,631.10.
US rate futures are pricing in an 89% chance of a rate cut in December, according to the CME’s FedWatch tool.
