Gold Price Today: Yellow metal holds near $4,100 as weak US dollar counters Fed rate hike bets

Gold Price Today: Gold prices traded near USD 4,100 on November 9, supported by a weaker US dollar and cooling energy prices, while expectations of a Federal Reserve rate hike limited gains.

Gold Price Today, November 9: Gold prices remained largely steady on Monday, trading close to the USD 4,100 mark as weakness in the US dollar supported bullion.

However, expectations of a Federal Reserve rate hike during the December FOMC meeting capped gains.

As of 5:45 am, spot gold was trading 0.1 per cent higher, up USD 1.7, at USD 4,072.09.

On the domestic front, gold and silver futures were not trading at the time of writing this report.

During the special Diwali trading session, gold and silver prices on the Multi-Commodity Exchange (MCX) settled at Rs 142520 per 10g and Rs 185011 per kg, respectively.

Gold prices edged higher on Monday, supported by weakness in the US dollar.

A weaker US dollar makes gold cheaper for holders of other currencies, supporting demand and bullion prices.

Higher interest rate expectations can increase bond yields and the opportunity cost of holding non-yielding gold, potentially weighing on bullion prices.

Gold Price Today: US inflation data in focus Market participants will now turn their attention towards inflation data due later this week, which could influence expectations around the Federal Reserve's monetary policy.

From ET Now