Around 8:20 pm, the October gold futures on the MCX were trading at Rs 71,132 per 10 gram, gaining by Rs 996 or 1.42% over the last closing.
Meanwhile, the September silver futures were trading at Rs 82,222 per kg, gaining by Rs 2,161 or 2.7%. Silver futures today hit the day’s high of Rs 82,584, gaining by Rs 2,523 or 3.1%.
On the Comex, Gold futures traded at $2,528.10 per troy ounce, gaining by $35.70 per troy ounce or 1.43%.
Commenting on the day’s action, Jateen Trivedi, Vice President, Research Analyst – Commodity and Currency at LKP Securities, said that the upward momentum was driven by positive gold move on Comex in the last two days, as fears of a US recession have eased, and the probability of rate cuts in September increased, with the possibility of up to three cuts by 2024.”Gold traders are proceeding with caution this week because U.S. data has greatly lowered the chances of a 50 bps interest rate cut in September,” a Reuters report said quoting Zain Vawda, market analyst at MarketPulse by OANDA.Recent data restored confidence that had been shaken by a surprisingly weak employment report earlier this month. It also bolstered optimism regarding improving inflation, as evidenced by the July releases of the producer price index and consumer price index this week.Click to know more (https://economictimes.indiatimes.com/commoditysummary/symbol-GOLD.cms) (https://economictimes.indiatimes.com/markets/gold-rate-in-delhi-today)
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