New Delhi, Nov. 28 -- Gold prices on the Multi Commodity Exchange of India (MCX) traded half a percent higher on Friday, tracking gains in international bullion prices on rising expectations of an interest rate cut by the US Federal Reserve next month.

MCX gold rate for February expiry traded higher by Rs.647, or 0.51%, at Rs.1,28,314 per 10 grams. It hit an intraday high of Rs.1,28,450 level. MCX silver price traded higher by Rs.1,485, or 0.89%, at Rs.1,67,472 per kg.

In the international market, gold prices were poised for a fourth straight monthly rise, bolstered by investor optimism that the US Fed would cut interest rates in its December policy meeting.

Spot gold price rose 0.8% to $4,189.61 per ounce, hitting its highest since No...