Gold February futures contracts at MCX opened higher on Tuesday and were trading at Rs 78,850 per 10 gram around 9:45 am, which was up by 0.39% or Rs 306 while silver March futures contracts were trading higher by 0.68% or Rs 622 at Rs 92,064/kg.
Silver
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Gold prices rise to near one-month high on hopes of interest rate cut
Gold prices were stable on Thursday after hitting their highest levels in more than a month, as softer U.S. core inflation data lifted expectations of interest rate cuts, although news of a ceasefire accord between Israel and Hamas capped further gains.
MCX Gold Trying To Test Prices at 76,500
Spot Gold buyers are not ready to give up yet, as they fear a change in risk sentiment if US AI giant Nvidia Inc.’s earnings report disappoints and creates a wave of risk aversion in financial markets.
What Should Be Your Near-Term Strategy For The Gold?
With US election uncertainties behind us and the Fed cutting rates as anticipated, gold prices are experiencing profit-taking amid a lack of new catalysts.
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MCX Gold Declines with US Election, Fed policy in focus; Experts’ Strategy for MCX Gold
Gold price today: Gold rates dropped significantly in the domestic futures market on Monday morning as investors exercised caution ahead of two critical events this week: the US election and the Federal Reserve’s policy announcement. Both are expected to significantly impact the movement of the US dollar, bond yields, and bullion prices going forward. MCX Gold for December 5 expiry traded 0.55 per cent down at ₹78,430 per 10 grams around 9:30 am.
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We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions. Neal Bhai added.