Gold Prices Open at Rs 66,497 per 10 grams
Gold prices started the day on the Multi Commodity Exchange (MCX) at Rs 66,497 per 10 grams, with an intraday low of Rs 66,465. In the international market, prices hovered around $2,196.32 per ounce.
Silver Prices Open at Rs 74,779 per kg
Meanwhile, silver opened at Rs 74,779 per kg and hit an intraday low of Rs 74,744 on the MCX. In the international market, the price hovered around $24.69 per ounce.
Insight: Factors Affecting Gold Prices
Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, attributed the increase in gold prices to geopolitical tension in the Middle East and a stable dollar index. This indicates that external factors like geopolitical events and economic indicators can influence the price of gold.
Record Highs and Market Dynamics
Last week, gold prices reached a record high after the U.S. Fed projected three rate cuts in 2024. While gold prices saw some gains, the strength of the dollar and the stability of the US 10Y yield have also played a role in shaping market dynamics. These factors emphasize the interconnectedness of global economic indicators on the price of gold.
Anticipation of U.S. Inflation Data
Manav Modi, Analyst at MOFSL, highlighted the anticipation of key U.S. inflation data and comments from top Fed officials as factors affecting gold prices. This indicates that market sentiment and economic data releases can lead to volatility in gold prices.
Market Focus on US and UK GDP Data
Jateen Trivedi, VP Research Analyst at LKP Securities, pointed out that gold prices on the MCX were influenced by Comex gold trading. He highlighted that gold prices may escalate towards $2250 if they start trading above $2200. This suggests that technical levels and market trends play a significant role in shaping gold prices.
