Gold Surges ₹607 Amid Fed Rate Expectations
The gold price in India rose by ₹607 on Friday, October 1, as expectations grew that the Federal Reserve would maintain interest rates unchanged at its upcoming meeting. This sentiment was fueled by lower-than-expected inflation data in the US.
In the global market, gold futures on Comex were trading near $4,200 per ounce, while silver was near $61.40 per ounce. In India, gold futures on the Multi Commodity Exchange (MCX) opened higher, with the benchmark December gold contract increasing by ₹607 to ₹1,49,643 per 10 grams.
Silver also saw a significant increase, rising ₹2,828 to ₹2,26,534 per kg. Analyst Ajay Kedia noted that gold has support at ₹1,48,255 and resistance at ₹1,50,460. If gold sustains above the latter level, it could rise towards ₹1,51,880.