Gold rate today: Gold prices climbed by half a per cent while silver jumped to its fresh record high on the MCX in morning deals on Thursday, December 11, after the US Federal Reserve cut rates by 25 basis points and signalled one more rate cut next year. MCX gold February contracts were 0.40% up at ₹1,30,320 per 10 grams around 9:05 am, while MCX silver March contracts were 1.81% up at ₹1,92,148 per kg at that time after hitting a record high of ₹1,92,529 per kg.
International gold prices also saw positive momentum, with US gold futures for February gaining more than 1% to $4,271.30 per ounce, while silver jumped to another record high after the US Fed cut interest rates.
The US Federal Open Market Committee (FOMC) cut benchmark interest rates for the third consecutive time on December 10, which brought the federal funds rate to its lowest level since 2022 in the range of 3.50%–3.75%. Overall, the Fed has lowered the federal funds rate by 0.75 percentage points this year.
Gold prices tend to gain in low-interest-rate environments as the yellow metal is a non-yielding asset.
The focus now is on the US job and CPI inflation data for November and the PCE Price Index for October, scheduled for next week. These data will influence the expectations about the interest rate path of the US Fed.
(This is a developing story. Please check back for fresh updates.)
Read all market-related news here
Read more stories by Nishant Kumar
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.
