Around 8:20 pm, October gold futures on the MCX traded at Rs. 71,132 per 10 grams, up from the last close at Rs. 996 or 1.42% up to Rs.
Meanwhile, the September silver futures rose to Rs. 2,161 or 2.7% to Rs. 82,222 per kg was trading. Silver futures today Rs. 2,523 or a jump of 3.1 percent to Rs. 82,584 reached the day’s peak.
On the Comex, gold futures traded up $35.70, or 1.43%, at $2,528.10 a troy ounce.
Commenting on the day’s action, Jatin Trivedi, Research Analyst – Commodities and Currencies at LKP Securities, said positive moves in gold on the Comex over the past two days led to upward momentum, as fears of a US recession eased, and up to three by 2024. With the possibility of a cut, the possibility of a rate cut in September has increased.
“Gold traders are moving cautiously this week as US data has reduced the likelihood of a 50 bps interest rate cut in September,” OANDA quoted MarketPulse’s market analyst Zain Wawa as saying in a Reuters report.
The latest data restored confidence that had been shaken by a surprisingly weak employment report earlier this month. It also fueled optimism about improving inflation rates, as evidenced by the July releases of the producer price index and consumer price index this week.
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