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PratapDarpan > Blog > Top News > Gold continues to shine, on global cues Rs. 170 with a jump of Rs. 73,264 per 10 grams
Top News

Gold continues to shine, on global cues Rs. 170 with a jump of Rs. 73,264 per 10 grams

PratapDarpan
Last updated: 18 September 2024 19:46
PratapDarpan
10 months ago
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Gold continues to shine, on global cues Rs. 170 with a jump of Rs. 73,264 per 10 grams
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Amid a bullish trend in international markets ahead of the US Federal Reserve’s interest rate decision, gold prices on the MCX on Wednesday rose to Rs. 170 with a rise of Rs. 73,264 per 10 gm surface shined. In futures trade on the Multi Commodity Exchange (MCX), gold contracts for October delivery traded at Rs. 170 or an increase of 0.23 percent to Rs. 73,264 per 10 grams were trading.

On the exchange in the previous close on Tuesday, it was Rs. 73,094 per 10 gm.

However, the silver contract for December delivery on Wednesday was Rs. 116 or 0.13 percent down to Rs. 89,024 per kg. In the previous session on Tuesday, silver metal per kg was Rs. 89,140 was reached.

According to HDFC Securities, current gold prices (24 carat) in Delhi markets are Rs. 74,850 per 10 grams, up from the previous day at Rs. 50 reduced to Rs.

Meanwhile, silver prices per kg rose to Rs. 92,100 from the previous close of Rs. 800 reduced to Rs. 91,300.

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    Globally, Comex gold was trading 0.42 percent higher at USD 2,603.20 an ounce.

    Haresh V, head of commodities at Geojit Financial Services said, “Gold prices in the international market are nearing their lifetime highs due to demand optimism amid rising geopolitical tensions, a weak global growth outlook and hopes of a rate cut by the US Federal Reserve.” said.

    According to Saumil Gandhi, senior analyst at commodities, HDFC Securities, better US retail sales data indicated that US consumers are holding, which has pushed up US Treasury yields and limited gains in the precious metal.

    Further, silver prices in international markets were marginally lower at $30.97 per ounce.

    “The Fed will give its interest rate decision at the conclusion of the next meeting on Wednesday, with US Fed Reserve Chairman Jerome Powell holding a press conference afterwards,” said Navneet Damani, group senior VP of commodity research at Motilal Oswal Financial Services.

    On the data front, the focus will be on housing numbers from the US and consumer price index (CPI) data from the UK and EU, which will be released later on Wednesday, Damani said.

    The last Fed rate cut was in March 2020 during the Covid-19 pandemic. Earlier in the week, US CPI and producer price index data were slightly mixed with annual data on the lower side, while core data showed a slight uptick.

    However, Fed Chair Powell and other Fed officials have expressed concerns about the labor market, keeping rate cuts on the table, he added.

    According to analysts, when interest rates fall, the opportunity cost of holding non-interest-bearing assets like gold falls. A super-sized rate cut could further weaken the US currency, which is already trading near its weakest level this year.

    In addition, gold is traditionally seen as a hedge against inflation, so investors’ expectation of rising inflation due to lower rates increases demand for the investment along with its price, making it more attractive to investors, they said.

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