Gold Rate Today: Check city-wise 24-carat price as yellow metal touches two-week high

Gold Rate Today: Gold prices on Friday (November 28) were on track to conclude the month on a higher note, supported by expectations of a 25-basis-point rate cut next month.As of 10:05 am, gold prices on the Multi Commodity Exchange (MCX) were up 0.5 per cent, or Rs 640, at Rs 1,28,307, trading near a two-week high. The white metal also showed a similar trend, with prices rising 0.8 per cent, or Rs 1,353, to Rs 1,67,340.Fed Rate-Cut support precious metalsBhavik Patel from Tradebull Securities told ET Now Swadesh, “The expectation of a Fed rate cut has risen to over 80 per cent. So, it seems the bullish momentum in both gold and silver will continue today as well.”According to CME’s FedWatch Tool, there is nearly an 85 per cent chance of a 25-basis-point rate cut in the Federal Reserve’s next meeting.Gold typically strengthens when interest rates fall, as lower yields reduce the opportunity cost of holding non-yielding assets such as gold.Renisha Chainani, Head of Research at Augmont, told PTI, “Three more cuts are expected before the end of 2026, and markets currently price in an 85 per cent probability of a 25-basis-point cut in December—a significant increase from around 30 per cent a week ago.”Currency impact on bullionAdding to the gains, the rupee weakened by 7 paise to 89.43 against the US dollar in early trade on Friday amid a strong greenback and higher crude oil prices in the international market, according to a PTI report.Gold and the rupee are inversely correlated: a weaker rupee often boosts gold prices, while a stronger rupee can push them lower.Geopolitical Influence on Gold On the geopolitical front, President Vladimir Putin signalled cautious openness to the US-drafted Ukraine peace plan, saying it could “form the basis for future agreements,” while warning that Moscow will seize more territory by force if Kyiv does not withdraw.Geopolitical uncertainty often drives investors toward gold as a safe-haven asset, boosting its demand and price.City-Wise Prices (24 carat)City Price/10g (24 Carat)Chennai1,27,930Bangalore1,27,960Hyderabad1,27,890Mumbai1,27,880Kolkata1,27,860Jaipur1,27,930Lucknow1,28,030Delhi1,28,330Noida1,28,030Gurgaon1,28,020(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)