Gold Silver Rate Today: Prices hit 3-month high as war escalates, Powell hints rate hike pause

On Multi Commodity Exchange (MCX), gold prices jumped to a five-month high.

2 min readNew DelhiOct 20, 2023 01:17 PM IST

Spot gold jumped 0.2 per cent at $1,978.19 per ounce by 0542 GMT, after hitting its highest since July 20. US gold futures added 0.5 per cent to $1,989.90. (File image)

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Gold Silver Rate Today: Prices hit 3-month high as war escalates, Powell hints rate hike pause

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Gold Silver Rate Today (October 20): Gold prices hit a three-month high on Friday as the Israel-Hamas war continued to escalate, while investors expected that Fed rate hikes are nearing an end.

On Multi Commodity Exchange (MCX), gold prices jumped to a five-month high. The rate of gold for December 2023 expiry today opened at Rs 60,401 per 10 gm levels, and hit an intraday high of Rs 60,615 levels.

Spot gold jumped 0.2 per cent at $1,978.19 per ounce by 0542 GMT, after hitting its highest since July 20. US gold futures added 0.5 per cent to $1,989.90.

According to Goodreturns.in, gold prices for 24-carat jumped Rs 770 to Rs 61,530 per 10 grams. For 22-carat gold, the rates of the yellow metal jumped Rs 700 to Rs 56,400 per 10 grams.

“Gold prices were supported as fears of another Fed rate hike in 2023 subside. We remain neutral towards gold prices for 2023, expecting prices to average $1,950/oz,” Fitch Solutions said in a note, quoted Reuters.

Spot gold is expected to extend gains into a range of $1,998-$2,010 per ounce, as it has broken a resistance at $1,972, according to Reuters technical analyst Wang Tao.

Meanwhile, silver prices remained unchanged in India at Rs 74,100 per kg.

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Spot silver fell 0.4 per cent to $22.94 per ounce, but was headed for a second weekly rise.

(With Reuters inputs)

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