MCX Gold Looks Like Descending Hawk Pattern, We See Big Move Here 500—800 Point
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✅ India is the world’s second-biggest consumer of gold. Earlier this month, the government raised import duties on gold and other precious metals to 12.5 per cent from 10 per cent.
✅ The decline in equity markets also aided the gold prices as investors moved towards safe-haven assets, according to analysts.
✅ Spot gold was up 0.2 per cent at $1,427.31 per ounce in intraday trade. US gold futures were also up 0.1 per cent at $1,427.80 an ounce.
✅ In Delhi, gold of 99.9 per cent and 99.5 per cent purity gained by Rs. 100 each to Rs. 35,970 and Rs. 35,800 per 10 grams respectively.
✅ Global gold price: Globally, gold prices gained as tensions in the Middle East and weaker financial markets supported the metal, while a stronger dollar kept a lid on gains, reported news agency Reuters.
✅ Gold prices had hit $1,452.60 in the previous session, its highest since May 2013, before closing 1.5 per cent lower.
✅ Silver rate: Silver ready rose by Rs. 260 to Rs. 41,960 per kg, while weekly-based delivery rose by Rs. 391 to Rs. 41,073 per kilogram.
✅ Sovereign gold also advanced by Rs. 100 to Rs. 27,500 per eight grams.
✅ However, silver coins remained steady at Rs. 84,000 for buying and Rs. 85,000 for selling of 100 pieces.
