Mumbai, Oct 23 – Gold prices climbed on the Multi Commodity Exchange (MCX) early Thursday, spurred by chatter that India and the United States may soon sign a trade deal. The buzz lifted investor mood around precious metals.
In the first trading session, MCX Gold December futures rose 0.89 % to Rs 1,22,938 per 10 grams. Silver December contracts followed, up 0.93 % at Rs 1,46,915 per kilogram. Analysts say the December gold price could stay between Rs 1,21,500 and Rs 1,23,000 per 10 grams.
On the global stage, gold slipped because the U.S. dollar is stronger. Spot gold was down 0.2 % at $4,084.29 per ounce at 3:10 a.m. GMT. U.S. gold futures for December delivery were up 0.9 % at $4,100.90 per ounce, while the dollar index gained 0.2 % against major currencies, making gold pricier for foreign buyers.
“Gold has been volatile but is on track for its biggest yearly jump since 1979,” said market analysts. The metal’s 54 % year‑to‑date gain has broken key psychological levels, from $3,000 in March to $4,000 in October.
Meanwhile, the Indian rupee firmed after Diwali holidays. It opened at 87.83 against the dollar, a 10‑paise improvement from yesterday’s close of 87.93. Currency and bond markets were closed on Oct 21 and 22 for the holiday break.
Source: ianslive
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