Gold Price Today: Yellow metal jumps by Rs 650/10 gram, silver dearer by Rs 1,700/kg after ECB’s 25 bps rate cuts
bullion prices. The gains were triggered by a 25 bps rate cut by the European Central Bank (ECB).
The October gold futures on the MCX were trading at Rs 72,571 around 7:20 pm while the December Silver contract was hovering at Rs 85,935 per kg around this time.
On the Comex, gold contracts were trading at $2,568 per troy ounce, up by $25.60 or 1.01 while the silver futures were at $29.515 per troy ounce, higher by $0.587 or 2.03%.
Expert Anuj Gupta, Head Commodity & Currency at HDFC Securities said ECB’s rate cut propelled the price of gold and silver. The sentiments were also positive on hopes of rate cuts by China, he added.
China is poised to cut interest rates on more than $5 trillion of outstanding mortgages as early as this month, according to people familiar with the matter, as it accelerates a move to reduce the borrowing costs for millions of families to spur consumption, a Bloomberg report said.
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