Gold Price Today: Gold and silver prices climbed on Wednesday, supported by a weaker Indian rupee and growing expectations of a US Federal Reserve rate
cut. As of 12:47 pm, gold prices were up 0.4 per cent at Rs 1,24,375 per 10 grams, extending recent gains. The precious metal had hit an all-time high of Rs 1,32,294 last month. Meanwhile, silver surged 1.6 per cent (Rs 2,442) to trade at Rs 1,57,129 per kg. According to a PTI report, the rupee depreciated 15 paise to 88.65 against the US dollar in early trade, weighed down by elevated crude oil prices and persistent foreign fund outflows. A weaker rupee typically boosts gold prices in India, making the metal more expensive in domestic currency terms. On the global front, market sentiment was buoyed by increasing speculation that the US Federal Reserve could announce a rate cut at its upcoming meeting. Analysts estimate about a 66 per cent probability of a cut, while Fed Governor Stephen Miran recently signalled the possibility of a larger 50 basis point reduction to counter rising unemployment and subdued inflation, PTI reported. Lower interest rates generally benefit gold, as they reduce the opportunity cost of holding non-yielding assets like bullion. Adding to the market optimism, the US Senate on Monday passed a compromise bill to end the longest government shutdown in American history, bringing relief to millions affected by the weeks-long stalemate, Reuters reported. “Gold and silver opened the week on a strong note amid expectations of a resolution to the U.S. government shutdown, and growing anticipation of rate cuts in the December Fed meeting supported the rally,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities. Analyst Ravi Deora added, “Until the US House passes the bill and it gets signed, the bullish trend is likely to continue.”
Check City-Wise Prices
| City Name | Price/10g |
| Chennai | 1,26,020 |
| Bangalore | 1,26,050 |
| Hyderabad | 1,26,000 |
| Mumbai | 1,25,990 |
| Kolkata | 1,25,970 |
| Pune | 1,25,990 |
| Ahmedabad | 1,25,980 |
| Lucknow | 1,26,120 |
| Noida | 1,26,120 |
