₹65,298 per 10 grams on the MCX, indicating a notable increase of over ₹2,700 within the initial week of March last week on Thursday. This remarkable uptrend in the value of the precious metal is primarily attributed to the anticipation of an interest rate cut by the US Federal Reserve in June. This expectation has ignited bullish sentiments in both domestic and international markets, further fueling the rise in gold prices.
Chair Jerome Powell's indication of the Central Bank's possible rate reduction in the coming months boosted market confidence, resulting in gold reaching a fresh high of $2,152 in international markets on Wednesday. Also read: Gold and silver prices Today on 08-03-2024 : Check latest rates in your city International gold prices ended February 0.25% lower at $2032.8 per ounce, whereas, domestic prices closed 0.67% lower. On the other hand, MCX Silver witnessed a downtrend following its positive closure on Wednesday last week.
By around 9:30 am, it was observed trading at ₹74,015 per kg, reflecting a decrease of ₹123 or 0.17%. However, despite this short-term setback, silver futures have depicted a significant rise of almost ₹2,859 or 4.01% in March. On a year-to-date basis, they have experienced a marginal decline of 0.39% or ₹292, according to analysis provided by the commodity and currency expert.
The surge in gold prices can be attributed to the decline in the dollar index (DXY), which has once again dipped below the 104 mark. Presently, it stands at 103.80 against a basket of six major currencies, showing a degree of stability. Over the past five trading sessions, the dollar index has experienced a 0.17% depreciation.
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