Gold prices on the Multi-Commodity Exchange (MCX) opened slightly higher on Thursday, mirroring gains in global bullion markets amid rising expectations of a US Federal Reserve rate cut. MCX gold began the day at ₹1,00,297 per 10 grams, up from the previous close of ₹1,00,185. Similarly, silver opened 0.18% higher at ₹1,15,239 per kg compared to ₹1,15,029 previously.
However, gold soon lost early gains and was trading at ₹1,00,150 per 10 grams, down 0.03%, by 9:10 AM. Silver was up 0.13% at ₹1,15,180 per kg. Internationally, spot gold rose 0.5% to $3,372.03 per ounce, following a 0.2% rise earlier, driven by market optimism over potential US interest rate cuts. This followed Treasury Secretary Scott Bessent’s remarks suggesting the Fed’s benchmark rate should be reduced by at least 1.5 percentage points.
Rahul Kalantri of Mehta Equities noted that weaker Treasury yields, a soft dollar, and signs of a weakening US labor market supported the outlook for gold. Jigar Trivedi of Reliance Securities added that markets now largely expect a 25 bps rate cut in September, possibly even 50 bps. Analysts foresee bullish intraday movement, with gold and silver showing strong technical support and resistance levels.
