Gold rate today: Futures rise Rs 527 to Rs 1.21 lakh/10g; silver gains on global rally & Fed rate hopes

Gold rate today: Gold futures advanced Rs 527 to Rs 1,21,020 per 10 grams in domestic trade on Friday, tracking a firm trend in global markets as investors widened bets on expectations of interest rate cuts by the US Federal Reserve.On the Multi Commodity Exchange (MCX), gold for December delivery gained 0.44%, after retreating from record highs on Thursday when it touched Rs 1,23,677 per 10 grams before settling at Rs 1,20,493, PTI reported.Silver futures also rose sharply, with the December contract up Rs 2,225, or 1.52%, to Rs 1,48,549 per kilogram. The white metal had hit a record of Rs 1,53,388 per kg in the previous session.In global trade, Comex gold for December delivery climbed $26.50, or 0.67%, to $3,999.10 per ounce, after reaching a record $4,081 earlier in the week. “Gold rose to around $3,990 per ounce on Friday, heading for its eighth consecutive weekly gain, supported by economic uncertainties and expectations of US rate cuts,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.New York Federal Reserve President John Williams said he was open to another rate cut, though persistent inflation could complicate the decision. His comments followed minutes from the latest Federal Open Market Committee meeting that reflected policymakers’ concerns over labour market risks and inflation.Trivedi added that the ongoing US government shutdown, now in its second week, has delayed key economic data releases and added to market uncertainty.Comex silver futures were up 2.14% at $48.16 per ounce after touching a high of $49.96 on Thursday.