Gold climbs above $4150 per ounce on Fed rate cut hopes

Gold prices rose above $4150 an ounce on Tuesday, touching a three-week high as mounting US economic uncertainty strengthened bets on a near-term Federal Reserve rate cut. Weak October jobs data and a sharp fall in consumer sentiment to a 3?-year low fueled demand for the metal. However, optimism over the US Senate advancing a bill to end the 40-day government shutdown limited gains. Silver also rallied more than 5% this week to around $51 per ounce, driven by similar rate-cut expectations. On the MCX, gold futures jumped over 0.5% to Rs 124631 per 10 grams, while silver futures climbed 0.57% to Rs 154568 per kg.

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