Gold rate today: MCX gold rates witnessed strong buying after Jerome Powell’s speech at the Jackson Hole symposium on Friday. MCX gold rates (October 2025) finally rose by Rs 9756 per 1 gram and regained the psychological Rs 1 lakh mark on a closing basis. In the international market, COMEX gold rates closed 1.09% higher at $3,418.50 per troy ounce.
According to market experts, Jerome Powell’s speech at the Jackson Hole Symposium has raised hopes of a rate cut in the US Fed. He said that the market expects a 25 basis points cut in the US Fed meeting to be held in September 2025. The decline in the US dollar rate may trigger gold buying in the MCX and international markets. He suggested investors to be alert to the current hurdles of ₹1,01,400 and $3,410 per troy ounce for MCX gold rates. A further decline above these levels on a closing basis could trigger a new bullish trend in gold prices worldwide.
Trigger for rate cut from US Fed
Pointing to the hopes of a US Fed rate cut following Jerome Powell’s speech at the Jackson Hole Symposium, Sugandha Sachdeva, Founder, SS Wealthstreet, said, “Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium have strengthened expectations of a much-awaited US Fed rate cut at the September FOMC meeting, after nearly eight months of policy stance. His signal that the Fed is ready to adjust rates as the labor market cools led to a sharp decline of 0.90% in the US Dollar Index on the last trading day of the week and gold prices rose. A weak dollar increases the appeal of gold as an alternative investment.”
Sugandha said that the possibility of accommodative measures ahead is further strengthened by the continued pressure on the US Fed by US President Donald Trump to ease policy.
According to Sugandha Sachdeva, Ross Maxwell, Global Strategy Lead at VT Markets, said, “Jerome Powell signaled that the Fed is data-driven and is ready to adjust rates if economic conditions are favorable. This increased the possibility of a rate cut in September and more cuts by the end of the year. This led to an immediate rise in MCX gold prices, as traders looked to take advantage of cheaper gold prices after the dollar weakened. Traders are advised to remain cautious, keeping an eye on whether there is more clarity on US inflation and rate signals.”
Ross Maxwell of BT Markets said that Powell’s tone alerted gold traders and provided some short-term bullish momentum. However, we will have to remain cautious and watch further data to determine whether this is a major bullish trigger or not. MCX gold rates are likely to remain sensitive to US dollar movements due to future economic data and any future commentary from the Fed.
Gold price forecast
Regarding the future of gold prices in the stock markets, Sugandha Sachdeva said, “Technically, gold prices are finding strong support at Rs 97,000 and Rs 98,200 per 10 grams in the domestic market, while key support levels internationally are at $3,310 and $3,280 per ounce. The possibility of volatility cannot be ruled out in the near term, but as long as these support areas are respected, the broad bias remains constructive. A rise above $101,400 per 10 grams in the domestic market and $3,410 per ounce internationally is likely to lead to further gains in gold.”
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