The morning trade on Wednesday brought a fresh spark to the precious metals market. Gold price today opened on a firmer note, with both gold and silver moving higher on the Multi-Commodity Exchange. Traders came in with a sense of calm as the global backdrop shifted, the dollar softened, and expectations around the US Federal Reserve started reshaping sentiment.
Market Performance: Gold and Silver Edge Higher
The movement on MCX set the mood early in the session.
- MCX gold (December futures): Up 0.34% at ₹1,24,333 per 10 grams
- MCX silver (December futures): Up 0.51% at ₹1,55,480 per kg
By 9:05 AM, both metals were trading with steady gains, reflecting the shift in global cues and the weaker dollar index.
The rise built curiosity among market watchers, especially those tracking MCX gold, MCX silver, and daily gold price today trends.
Main News: Global Momentum Lifts Precious Metals
The move in the domestic market aligned with what was happening globally.
International gold prices extended their winning streak, marking a fourth straight session of gains. The sentiment stayed supported by expectations that upcoming US economic data could reinforce the possibility of a Federal Reserve rate cut in December.
The dollar index eased to 99.46, and that weakness gave gold some breathing room. With the currency softening, the gold rate today found extra support and managed to stay comfortably on the higher side.
In the backdrop, the prolonged US government shutdown, which began on October 1, came close to resolution after the Senate passed legislation to reopen the government. The shutdown had disrupted salaries, delayed benefits, and left travellers facing uncertainty—factors that often influence broader market sentiment.
Later data showed the US job market losing traction, with ADP reporting that US firms shed over 11,000 jobs per week through late October. This, along with soft consumer sentiment, kept investors focused on how the Fed might respond.
Using CME Group's FedWatch tool, markets priced in a 68% probability of a 25 bps rate cut next month, up from 64% in the previous session.
A separate update cited a US Fed Governor noting that a 50 bps rate cut in December could be appropriate amid softening inflation and a rising unemployment rate. These developments collectively shaped the tone for precious metals.
Company Details: The Broader Setting Around Gold and Silver
The story behind the gold price today wasn’t just about the metal itself—it was tied to a larger global moment.
- The dollar softened sharply, lifting sentiment around gold and silver.
- The long-running US government shutdown neared resolution after over a month.
- Job data signaled weakening labour conditions, influencing interest-rate expectations.
- Rate-cut probability rose, helping gold extend its global rally.
Each of these elements played a quiet yet visible role in building today’s upward momentum in MCX Gold and MCX Silver.
For many readers wondering, “Is it the right time to buy gold?”, today’s movement reflects sentiment-driven factors rather than a direct indicator. The article stays strictly factual, without offering any recommendations—just the numbers shaping the market.
Summary
The shift in the gold price today came on the back of a softer dollar, global optimism around potential US Fed rate action, and steady momentum in international markets. With MCX gold trading at ₹1,24,333 and MCX silver at ₹1,55,480, precious metals opened the day with moderate gains.
As global cues evolved—from the dollar index drop to updates on the US government shutdown and job-market data—the precious metals market responded with quiet strength. The day’s moves added another layer to the ongoing story of gold and silver in a year shaped by policy expectations, global flows, and shifting sentiment.
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