Gold price today: Gold rates declined in the domestic futures market Thursday morning, tracking weak global cues even though the US Federal Reserve cut benchmark rates by 50 bps and signalled two more cuts may happen this year.
The US Federal Reserve on September 18 cut the benchmark interest rate by 50 basis points (bps) or (½) half a percentage point to 4.75 per cent-5 per cent for the first time in four years, broadly in line with Wall Street estimates.
The move, however, did not boost gold prices. The yellow metal traded flat in international markets while the dollar rose, weighing on gold prices. A stronger dollar makes gold more expensive in other currencies and weakens demand.
(More to come)
