Present gold price: Experts point out important MCX levels to watch as rates hit a new record high amid Fed rate drop optimism
By : Sandhya
Today's gold price: Due to persistent demand for safe haven assets amid anticipation of additional rate reduction by the US Federal Reserve, gold prices reached new all-time highs in early trading on the MCX on Tuesday, October 7. At ₹1,20,879 per 10 grams, MCX Gold December futures reached a new high. Around 9:45 a.m., MCX Silver December futures were up 0.10 percent at ₹1,47,666 per kg, while the yellow metal was up 0.49 percent at ₹1,20,840 per 10 grams.
Expectations of additional US Fed rate reduction continue to be a major catalyst for the yellow metal and rising political and economic unpredictability in the US also contributed to international gold prices hitting an all-time high.
Even though the deadlock is predicted to last until the seventh day, the US shutdown has increased the likelihood of additional job losses. About $1.7 trillion in agency operating funding, or about 25% of the yearly federal budget, has been blocked as a result of the deadlock, according to Reuters.