Gold, silver price (September 17): Gold prices near record high; MCX gold at Rs 73,336, silver prices down to Rs
Gold, silver rate (September 17): Ahead of the crucial Fed meeting outcome, gold prices in Tuesday's session traded subdued in line with the global rates. MCX Gold (October) futures traded down by 0.21 per cent or Rs 188 at Rs 89,421 per 10 gm, while silver futures (December) was last down by 0.26 per cent at Rs 89,377 per 10
COMEX Gold
Gold price in the spot market in the international markets hovered near the record high scaled yesterday. After hitting a new-high in the previous session, Spot gold traded at $2,579 per ounce, a tad lower from its record high hit in the previous session of $2,589 per oz.
Gold gets a boost on aggressive rate cut bets
Expectations for a larger-than-expected rate cut bolstered the gold prices, which trades at $2,582 after bouncing off a daily low of $2,579. The drop in US Treasury yields also supported the golden metal. The US 10-year benchmark T-note is falling two and a half bps to 3.631%, a tailwind for the non-yielding metal.
Dollar softness and geopolitical crisis also continues to support yellow metal
In the geopolitical space, risks of an escalation of the Middle East conflict remain while an apparent assassination attempt against former US President Donald Trump weakened the Greenback.
Gold price outlook
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said, "Market sentiment is mixed ahead of the Fed’s decision. Data indicates that the chances that Jerome Powell and his colleagues may go in for a 50-basis-point (bps) cut as the CME FedWatch Tool shows that odds for a 50 bps cut rose from 50% to 59%, while for a 25 bps cut they stand at 41%. Meanwhile with election uncertainty looming ahead, Powell could also remain cautious in delivering a very dovish note on trajectory of rate cuts.