Gold price today: Gold jumped on MCX, this is the big reason, know the price of silver

Gold prices rose on Monday in the domestic futures market. The price of gold jumped on September 30 at the Multi Commodity Exchange of India (MCX). Investors’ attention was on the comments of US Fed Chairman Jerome Powell and developments related to geopolitical tensions in the Middle East. MCX Gold for December 5 was trading 0.47 percent higher at ₹ 76,075 per 10 grams at 11:02 am. Similarly, according to the official website of the Multi Commodity Exchange of India, silver futures for December 5 were also trading 0.72 percent higher at Rs 92,0,60 per kg today.

Fed Reserve likely to cut rates

Recently, gold prices have seen a good rally in the domestic and international markets, driven mainly by optimism about the US Fed’s rate cut and tensions in the Middle East. Let us tell you, that the US Fed started cutting benchmark rates by 50 bps (0.50%) on September 12. The central bank is expected to cut rates by another 75-100 bps this year. Gold prices are being affected by rising tensions in the Middle East following Israeli attacks on Iran-backed forces. Israel killed Hezbollah leader Sayyed Hassan Nasrallah in Beirut and has increased attacks in the region.

Positive triggers for prices

According to a Reuters report, Israel’s increasing attacks against Hezbollah in Lebanon and the Houthis in Yemen have raised fears that the fighting in the Middle East could get out of control and involve Iran and the United States. Geopolitical tensions, economic uncertainty, and interest rate cuts are positive triggers for gold prices.

Condition of other commodities

Crude oil futures for October 21 were trading at Rs 5786 per barrel on Monday with a rise of 1.62 percent. While copper futures for October 31 were trading at Rs 865 on Monday with a rise of 1.02 percent. Zinc futures for November 29 were trading at Rs 283 with a rise of 0.75 percent at 11:02 am today.