MCX Gold Tips Today – MCX Gold yesterday settled up by 0.1% at 48018 as investors held onto the view that central banks would keep interest rates low for the time being, with focus turning to key U.S. inflation data due later in the week.
Major central banks last week stuck to the view that current inflationary pressures would fade, dimming the prospect for faster rate hikes. Accommodative monetary policy amid the COVID-19 outbreak has benefited gold, as near-zero interest rates cut the opportunity cost of holding non-yielding assets.
The Federal Reserve stuck to its view that inflation would prove “transitory” and would likely not require a fast rise in interest rates. Following that, the Bank of England surprised markets by keeping rates on hold.
MCX Gold Tips Today
- MCX Gold trading key zone for today 47620——-48520.
- Gold gains as investors held onto the view that central banks would keep interest rates low for the time being
- Major central banks last week stuck to the view that current inflationary pressures would fade, dimming the prospect for faster rate hikes.
- Accommodative monetary policy amid the COVID-19 outbreak has benefited gold
Extremely low interest rates to spur economic growth during the pandemic have pushed gold prices to new highs over the last two years, as easy monetary policy cuts the opportunity cost of holding non-yielding assets.
U.S. employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter. The Perth Mint’s sales of gold products in October slipped about 39.5%, while silver sales fell 24.5%, the refiner said.
