Gold Prices Near ₹72,000: buy more?
International gold prices were trading below record highs, influenced by western fund inflows and optimism about a US rate cut .
On Wednesday, gold prices on the MCX increased tracking international bullion prices, which are hovering near record levels due to optimism over an interest rate cut by the US Federal Reserve. MCX gold was trading 0.28% higher at ₹71,979 per 10 grams, while MCX Silver prices increased 0.21% to ₹84,912 per kg. The MCX gold futures contracts with an October 2024 expiry were trading at ₹71,942 per 10 grams up by ₹165. The MCX silver futures contracts with a September 2024 expiry were trading at ₹85,032 per kg, an increase of ₹320. Spot gold was up 0.1% to $2,517.38 per ounce after reaching an all – time high of $2,531.60 on Tuesday. US gold futures increased 0.2% to $2,555.20. Gold prices have gained about $460 or 22% so far this year. MCX gold October futures have appreciated over the last four sessions and 72,500 per 10 grams is expected to act as a good resistance level for now.
Investors are now waiting for the minutes of the Federal Reserves recent meeting, due to be released later in the day, for clarity on the depth of cuts . Fed Chair Jerome powells speech on the US economic outlook this Friday at the Jackson Hole symposium will also be closely watched.
- Gold Price Today in Delhi – Gold Price in Delhi is ₹73312./10 grams. Yesterday’s gold price on 20-08-24 was ₹72016.0/10 grams.
- Gold Price Today in Mumbai – Gold Price in Mumbai is ₹73024.0/10 grams. Yesterday’s gold price on 20-08-24 was ₹72863.0/10 grams
- Gold Price Today in Kolkata- The Gold Price in Kolkata is ₹73672.0/10 grams. Yesterday’s gold price on 20-08-24 was ₹72722.0/10 grams.
