Gold price today: The rates of gold and silver rose on the MCX on Friday morning (October 10) amid a decline in the US dollar, while healthy spot market demand and positive global cues remained key supports for precious metals.
MCX Gold December futures traded 0.38 per cent up at ₹1,20,951 per 10 grams, while the MCX Silver December futures were flat at that time.
The dollar index declined by more than 0.20 per cent during the session, making gold cheaper in overseas currencies.
Gold is priced in US dollars, so weakness in the US currency makes gold cheaper in other currencies, thereby enhancing its demand.
MCX Gold hit its record high of ₹1,23,677 per 10 grams, while MCX silver also rose to a fresh high of ₹1,53,388 per kg in the previous session.
Gold prices have been on a strong bull run amid economic and political uncertainties in the US and expectations of a US Fed rate cut. According to Reuters, the CME FedWatch Tool suggests that traders are currently pricing in a 25-basis-point cut in October and another in December, with a 95 per cent and 82 per cent chance, respectively.
US gold futures were on track to post gains for the eighth consecutive week, primarily due to hopes for a US Fed rate cut and political chaos in Japan and France, as well as the ongoing US government shutdown.
(This is a developing story. Please check back for fresh updates.)
