Gold, silver price (September 16): Gold up marginally at Rs 73,700/ 10gm, silver jumps Rs 1,170 per kg to Rs 90,350/kg
Gold, silver rate (September 16): Gold prices traded higher by a minor tracking movement in the international markets. MCX Gold (October) traded 0.3 per cent higher at Rs 73,733 per 10 gm, while silver futures (December) was just 1.31 per cent or Rs 1,170 to Rs 90,350 per kg.
COMEX Gold
In the futures markets, COMEX Gold was trading above $2,600 per oz level, with gains of 0.21 per cent at @2,616.4 per oz.
Spot gold internatitionally marks new high
Spot gold continues its upward trajectory and has hit a new all-time high for the second day in a row. In the US markets, spot gold today hit a new high of $2,589.62 per ounce.
Aggressive rate cut bets drive gold to new all-time high
Primarily, aggressive rate cut bets by the US Fed later this week are making bullion more attractive.
50 per cent rate hike bets increased
A news article by Fed watcher Nick Timorous at The Wall Street Journal, along with comments from former New York Fed President William Dudley, sparked a jump from 27% to 43%, while estimates for a 25 bps cut dropped from 73% to 57% on Friday.
Gold price outlook
Gold price is going to witness the most important economic event of the year this week with US Fed meeting due in focus on Wednesday, said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies