Gold futures jump ₹1,432 to ₹1.60 lakh/10 gm on fresh buying
Gold futures on the MCX climbed ₹1,432 to ₹1.60 lakh per 10 grams, driven by fresh speculative positions and firm physical demand. The October contract traded at ₹1,60,857.
Gold Market
Daily movements in the gold market and what is driving them.
Gold futures on the MCX climbed ₹1,432 to ₹1.60 lakh per 10 grams, driven by fresh speculative positions and firm physical demand. The October contract traded at ₹1,60,857.
Analysts tip Hua Hong Grace Semiconductor, Kingboard Laminates and Zijin Gold International for addition to Hong Kong’s Hang Seng Index in its upcoming quarterly review.
Gold gained nearly Rs 6,500 per 10 grams and silver surged Rs 13,000 per kg over three consecutive sessions on the MCX, supported by a weaker US dollar and lower Treasury yield expectations.
Gold rose to $4,544 during Asian trading on Friday, its highest since early June, supported by renewed US dollar selling and expectations that the Federal Reserve may hold off on rate hikes. However, geopolitical tensions and higher oil prices kept gains in check.
Gold is set for its third consecutive weekly gain after the US Treasury's unexpected buyback of long-dated debt highlighted concerns over government borrowing costs. Bullion traded around $4,530 an ounce.
Gold prices are holding steady and on track for a third consecutive weekly gain, supported by a weaker US dollar and lower Treasury yields. A drop in jobless claims has reinforced expectations that the Federal Reserve will keep interest rates unchanged in September.
Gold edged lower on Thursday as US Treasury yields trimmed earlier losses and the dollar firmed, pulling XAU/USD back to $4,509 from a daily high of $4,540.
MCX shares jumped over 4% as gold, silver and copper futures rose after a US Treasury liquidity support announcement. The stock has returned around 900% in three years.
Gold declined on Thursday as investors locked in profits after the metal hit a two-month high. Analysts suggest the pullback is a consolidation within a broader uptrend, with key support at $4,400.