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Gold price rises on hopes of US Fed rate cut

Gold prices touched three-week high at ₹63,452 per 10 gm on Thursday against the previous close of ₹63,223 after the US dollar and bond yields hit multi-month lows.On the MCX, gold for February delivery was down ₹198 to ₹63,480 and April contract lost ₹180 to close at ₹63,800.

In the US, spot gold was up 0.5 per cent at $2,086.69 per ounce hitting its highest since December 4, when prices raced to a record high of $2,135.40.

Gold prices surged on market expectations of an early cut in US interest rate by the Federal Reserve in the first quarter of next year. The surge in gold prices was prompted by a significant decline in the US core Personal Consumption Expenditure price index in November, reinforcing hopes of imminent rate cuts by the Fed.

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