Gold Price Today: Rates of gold hit fresh record high in the morning trade on the MCX on Tuesday (October 7) due to the continued demand for safe Haven amid expectations of further rate cut by the US federal reserve. MCX Gold December terms hit a record high of £ 1,20,800 per 10 grams. At about 9:15 am, the yellow metal was 0.43 percent higher than £ 1,20,769 per 10 grams, while MCX Silver December futures were 0.12 percent higher by £ 1,47,701 per kg. International gold prices have also reached their record high as a result of increased economic and political uncertainties in the US, while the expectations of further US Fed rate cuts remain an important trigger for the yellow metal. The US closure has raised the risk of more job losses, even if the position is expected to extend to a seventh day. As Reuters reported, the position frozen about $ 1.7 trillion funds for agency operations, which amounts to about a quarter of the annual federal budget. Meanwhile, the markets are praising an additional 25 basis points of the US Fed rate cuts in October and December this year. Investors’ focus is on the FOMC meeting notes, the speech of the Fed chairman, China’s reopening to the holidays, and updates on the US closure. (This is a developing story. Check out fresh updates.)
Gold Price Today: Rates hit a fresh record height at the expected hope on the rate; Experts emphasize the most important MCX levels to look at
