Gold price today, Sept. 18 -- Rates of gold and silver declined on the MCX as the US dollar rose after the US Federal Reserve cut the federal funds rate by 25 bps, highlighting weakness in the US job market.

MCX Gold October futures were 0.42 per cent down at Rs.1,09,362 per 10 grams around 9:05 am, while MCX Silver December futures were 0.46 per cent down at Rs.1,26,403 per kg at that time.

The US Federal Reserve cut benchmark interest rates by 25 bps and hinted that two more rate cuts could occur by the end of this year. The central bank's next policy meetings are scheduled for October 28-29 and December 9-10 this year.

The Fed offered measured rhetoric on interest rate trajectory which market seems to have perceived as slightly hawk...