Gold Market
Daily movements in the gold market and what is driving them.
Gold and silver futures edged higher on the MCX on Wednesday as market participants looked ahead to the US PCE inflation report for signals on the Federal Reserve's interest rate outlook.
Gold prices held steady as investors focused on upcoming US inflation data for clues on the Fed's interest rate path. Other precious metals edged higher amid global economic concerns.
Gold has rallied 15% in August, supported by renewed ETF inflows, strong central bank buying, US rate expectations, Treasury buybacks and a weaker dollar.
Vedanta has deployed portable drilling rigs at two exploration projects in Chhattisgarh, targeting gold and critical minerals such as nickel, chromium, and platinum group elements. The rigs can drill up to 1,000 metres, well beyond the typical 300-400 metre range.
Gold futures on the MCX slipped ₹120 to ₹1,63,109 per 10 grams on Tuesday as spot demand weakened. Global benchmarks also fell.
Gold traded near $4,676 an ounce, up 7% in four sessions, as US Treasury buybacks weakened the dollar. Investors await Fed chair Kevin Warsh at Jackson Hole, while trade tensions add to safe-haven demand.
Gold and silver prices opened lower on the MCX on Tuesday, pausing a rally, as markets turned cautious ahead of US inflation data and a speech by Fed Chair Kevin Warsh at Jackson Hole.
Gold rose to a three-month high of $4,681 on Monday after US Treasury sanctions on Iran-linked entities. ETF inflows jumped. Focus turns to Fed Chair Warsh's speech at Jackson Hole.
Gold prices advanced for a fifth straight session as Asian equities declined, mirroring a technology-led selloff on Wall Street. Markets await Nvidia earnings and Fed guidance.