Gold prices continued to rise for second session as market participants anticipate a rate cut in the US next month. Lower interest rates make the precious metal affordable for countries that use other currencies than US dollar.
In India, bullion prices rose 0.6% to Rs 1,26,570 per 10 gram. Meanwhile, in global markets, gold prices consolidated early morning after rising over 1% in the previous session.
The Bloomberg spot gold was trading 0.01% lower at $4,163.35 an ounce as of 6:27 a.m.
Latest jobless claims report from the US seems to be supporting the case for rate cuts. Moreover, Kevin Hasset, emerging as the possible candidate for the post of Federal Reserve Chair, will likely implement President Donald Trump's approach of monetary policy, which fuels expectations for further rate cuts, according to Bloomberg.
Gold Price Today: Delhi, Mumbai, Chennai Prices
In Mumbai, bullion price was at Rs 1,26,350 per 10 gram as of 6:32 a.m. versus Rs 1,25,530 in the previous morning. In New Delhi, the prices stand at Rs 1,26,130.
Bullion prices advanced 0.7% to Rs 1,26,180 per 10 gram in Kolkata, while in Chennai it was at 1,25,890 per 10 gram as of 6:36 a.m.
In Bengaluru, gold was trading at Rs 1,26,440, and in Hyderabad it was at Rs 1,26,550.
The Gold Dec 5 future ended 0.01% higher at Rs 1,25,940 per 10 gram in the previous session, according to data on Multi Commodity Exchange.
Silver Price Today
Silver was trading 1,62,130 per kilogram as of 6:39 a.m, according to data on India Bullion Association.
The Silver Dec 5 future settled Wednesday 3.20% higher at Rs 1,61,321 per kilogram on Multi Commodity Exchange.
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