Saturday, May 25, 2024
HomeBusinessGold prices near one-month high: What's leading this rally

Gold prices near one-month high: What’s leading this rally

Gold prices saw an uptick as MCX Gold futures inched 0.02% higher at 73,117.00 per 10 grams. As per GoodReturns, price of gold for 24 karat gold (999 gold) increased by 40 to 74,020 per 10 grams followed by weaker dollar and declining bond yields attributed to the release of US consumer inflation data. At the same time, spot gold rose by 0.2% to $2,391.78 per ounce and neared its one-month high while US gold futures saw a 0.1% increase to $2,396.10.

Gold price in India: Spot gold rose by 0.2% to $2,391.78 per ounce and neared its one-month high.

Tim Waterer, chief market analyst at KCM Trade, said as per news agency Reuters, “With inflation coming off the boil, gold is effectively making hay while the sun is shining and looks poised to capture the $2,400 level. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week.”

Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!

Analysts at ANZ wrote in a note, “Silver is catching up with gold. Strong fundamentals amid rising gold prices are likely to spur investor interest in silver. Platinum reached price parity with palladium, driven by its growing use in auto catalysts for gasoline-powered cars.”

Source link



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments