Gold prices rise today as prices rise 53,000 per 10 grams, while silver also hardened in line with the recent uptrend in the precious metals. MCX gold contracts were up 0.5% 53003 per 10 grams, while the silver futures contract closed with a gain of 0.6%. 61954 per kg. After the rise in gold, this year has been a journey of ups and downs. level of 55,000 in March following the Ukraine crisis. Gold prices in India had reached a record level 56,200 in August 2020 amid the coronavirus pandemic.
“The overall outlook for gold prices is positive. Dollar index nears fall from 20-year high 105 is the level and it can go up to 103 in the short term China And the US hinted at the G-20 summit to strengthen its ties. Therefore, gold prices can go up to December futures contract 53,500 level in the short term,” said Anuj Gupta, Vice President – Research IIFL Securities,
Stocks and currencies were volatile today after a rocket hit inside the Polish border, sparking fears of an escalation of war in Ukraine. Although gold is used as a safe Investment In times of political and financial uncertainty, rising interest rates reduce the appeal of bullion because the metal pays no interest.
spot on global markets Sleep It was down 0.4% at $1,771.17 an ounce. In the previous session, bullion hit a 3-month high as data showed US producer prices rose less than expected in October, further evidence that inflation was starting to ease.
We are seeing some risky moves in today’s Asia session after Poland said a Russian-made missile fell on a village near Ukraine, killing two people. President Biden later said that it was unlikely that the missile was fired from Russia. This has eased some of the jitters,” IFA Global said in a note.
Asian currencies are trading weak against the Dollar. The Indian rupee declined against the American currency today. The rupee was trading at 81.29 against the dollar, down from 81.0950 in the previous session. India imports most of its gold requirement. Hence apart from international prices, the rupee dollar rate and taxes determine the domestic bullion prices. (with agency inputs)
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