Gold Price Today: Rates are rising amid the weakness of the dollar; Experts reveal key MCX levels to look at

Gold Price Today: The rates of gold and silver rose on the MCX on Friday morning (October 10) amid a fall in the US dollar, while a healthy demand for market and positive worldwide clues remained the most important support for precious metals. MCX Gold December -futures trading 0.38 percent higher than £ 1,20,951 per 10 grams, while the MCX Silver December futures were flat at the time. The dollar index fell by more than 0.20 percent during the session, making gold cheaper in overseas currencies. Gold is priced in US dollars, so the weakness in the US currency makes gold more affordable in other currencies, increasing its demand. MCX Gold hit its record high of £ 1,23,677 per 10 grams, while MCX Silver also rose to a fresh high of £ 1,53,388 per kg in the previous session. Gold prices have a strong bull run amid economic and political uncertainties in the US and the expectations of a US rate cut. According to Reuters, the CME Fedwatch instrument suggests that traders currently price in a 25-based point cut in October and another in December, with 95 percent and 82 percent respectively. US gold futures were on track to deliver profits for the eighth consecutive week, mainly as a result of the hope of a US rate reduction, as well as political chaos in Japan and France, and the ongoing strike of the US government. However, the precious metals are seeing some profit discussion after a ceasefire between Israel and Hamas. As Mint reported, the government of Israel approved the first phase of an American Broker Army and hostage release plan early Friday morning, which paved the way for a suspension of hostilities in Gaza within the next 24 hours. Experts emphasize the most important levels to see how Manoj Kumar Jain of Prithvifinmart Commodity Research said gold supports at $ 3,944 and $ 3.910, while resistance is at $ 4.040 and $ 4.080 per troy gram. Silver has support at $ 46.40 and $ 45.50, while resistance in today’s session amounts to $ 48 and $ 48.80 per Troy Ounce. On the MCX, Gold supports at £ 1,19.100 and £ 1,17,700 and resistance to £ 1,21,650 and £ 1,23,100, while silver support has £ 1,44,400 and £ 1.41,000 and resistance to £ 1,48,800 and £ 1,51,500, Jain. “We suggest that traders in the contemporary session of gold and silver should stay away, amid a very high price volatility, but long-term investors can remain invested and also add a SIP mode in the price reduction as there is no change in the long-term principles of gold and silver,” Jain said. (This is a developing story. Take a look at fresh updates.) Read all market -related news Here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or brokerage firms, not coin. We advise investors to consult with certified experts before making investment decisions, as market conditions can change quickly and conditions can vary.