The international bullion price, which is nearing record highs, drove up the price of gold on the MCX on Wednesday as investors were encouraged by the prospect of a US Federal Reserve interest rate cut. In addition, silver prices surged to a four-week high due to robust Chinese demand and a declining dollar index.
The price of MCX silver was up 0.21% at ₹84,912 per kg, while the price of MCX gold was up 0.28% at ₹71,979 per 10 grammes.
Following a surge fuelled by Western fund inflows and optimism over US rate cuts, international gold prices traded below record high levels.
Following an all-time high of $2,531.60 on Tuesday, spot gold was up 0.1% at $2,517.38 per ounce. US gold futures increased to $2,555.20, up 0.2%. This year, gold prices have increased by roughly $460, or 22%.We expect the US Federal Reserve to implement a 25 bps cut at its September meeting, following a strong retail sales data in July. Another jobs data is due before the September meeting hence still there is a divided opinion for either 25 or 50 bps cut at the upcoming policy meet. Moreover, geopolitical uncertainties and substantial global
Also Read:
In Q2 2024, the Top Ten UAE Banks showed Better Asset Quality and Increased Profits
Certain Unconscious Hospital Patients’ Brain Scans Reveal Discernible Activity
