Gold price today: Rates of gold and silver dropped in morning trade on the MCX on Thursday, October 9, on profit booking at record high level. MCX Gold December futures traded 0.34 per cent lower at ₹1,22,789 per 10 grams around 9:15 am. MCX Silver December futures traded 0.75 per cent lower at ₹1,48,738 per kg at that time.
In the previous session on October 8, the December delivery of MCX Gold hit a record high of ₹1,23,450 per 10 grams and MCX Silver scaled a fresh peak of ₹1,50,282 per kg.
Gold prices have seen stellar gains this year- domestic spot gold prices have jumped over 50 per cent this year so far- on increased global political and economic uncertainties, US Fed rate cut hopes, weakness of the US dollar, central bank buying, and robust inflows in gold ETFs.
Experts expect gold prices to remain on an upward trajectory, hitting levels above ₹1,25,000 per 10 gams by the end of 2025, due to Fed rate cut hopes and US tariff-related concerns even as there may be some short-term volatility and intermittent profit-bookings.
“By year-end, gold on the MCX could move towards ₹1,25,000– ₹1,28,000 per 10 grams, while silver could test ₹1,55,000– ₹1,60,000 per kg, assuming the US Federal Reserve delivers one or two rate cuts and the dollar remains under pressure,” said Renisha Chainani, the head of research at Augmont.
Meanwhile, the minutes of the US Federal Reserve’s September 16–17 policy meeting showed that policymakers acknowledge the risks to the US job market. However, sticky inflation remains a key concern for them and the central bank may not go for an aggressive rate reduction in the near future.
According to Reuters, CME FedWatch tool indicates markets are pricing in a 25-basis-point cut each in October and December, with probabilities of 94% and 79%, respectively.
(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.
