Gold, silver prices hit new highs on strong US inflation figures, US Fed rate cut buzz
₹72,678 per 10 gm while MCX silver rate today touched a new high of ₹84,102 per kg within a few minutes of the commodity market's opening bell. Speaking on the reason for the rise in gold and silver rates today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, “Gold and silver prices are ascending today as the market is expecting US Fed rate cut after the strong US CPI data released on Wednesday.
Earlier, the market was expecting the announcement of the rate cut cycle in the US Fed meeting scheduled in June 2024. However, after this strong US inflation figure, we are expecting a rate cut announcement in the upcoming US Fed meeting scheduled from 30th April to 1st May 2024." Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.Milestone Alert!
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