Gold price climbs to $2000 peak on Israel-Hamas war. Opportune to buy despite strong US dollar, rising treasury yields?
Gold rate today: On account of Israel-Hamas war fueling global uncertainties, spot gold price hit $2,000 levels on Friday and closed at 2,006 per ounce levels. Gold future contract on Multi Commodity Exchange (MCX) for December 2023 expiry surged ₹308 per gm and ended at ₹61,260 levels on Friday.
Gold and silver prices are rising despite strong US dollar and rising treasury yields. On Friday, 10-year US bond yield ended at 4.845 levels whereas US dollar index ended at 106.58 levels.
Diwali Muhurat Trading 2023 to take place on November 12 from 6 PM to 7:15 PM Likewise, silver price on MCX gained ₹222 per kg on Friday and ended at ₹71,802 per kg levels. In international market, silver rates ended at $23.09 per ounce levels.
Reliance Q2 Results: Healthy growth in profit, EBITDA; 5 key highlights On why gold price today is skyrocketing, Colin Shah, MD at Kama Jewelry said, "Globally, gold prices are on the rise due to the uncertainty in the international market created by the Israel-Hamas conflict and its impact on global economic conditions, followed by the strengthening of the US Dollar. This price rise will further drive investors towards gold, owing to its credibility as one of the safest asset classes.
Read more on livemint.com
