Gold prices continue to rise for fourth straight session, silver surges to two-year high

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Mentha Oil Rate Today gains 0.11% on Apr 2 2024 3:50PM “Gold rises to yet record high above $2,280 per ounce in the overseas futures and ₹69,487 per 10gm on MCX futures. Technically, we have already seen a rally of nearly 10% in the past 5-weeks, now we expect some profit-booking," said Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial. Two Federal Reserve policymakers expressed their belief on Tuesday that it would be "reasonable" to implement three interest rate cuts in the U.S.

this year, despite recent robust economic indicators stirring skepticism among investors regarding such a move. The price of gold, valued as a hedge against inflation and a haven during periods of political and economic uncertainty, has surged over 10% since the beginning of the year. This uptick is attributed to substantial central bank purchases and increased demand for safe-haven assets.

Also read: Gold and silver prices Today on 03-04-2024: Check latest rates in your city Recent data reveals a deceleration in the growth of the U.S. services industry in March, alongside a drop in the prices paid by businesses for inputs to a four-year low. This trend suggests a favorable outlook for inflation.

Investors are eagerly awaiting insights from Fed Chair Jerome Powell later today, hoping to glean information on the timing of the central bank's anticipated initial rate cut. Back home, gold prices surged by ₹830, reaching a record high of ₹69,200 per 10 grams on Wednesday, driven by a rally in global precious metal rates, according to HDFC Securities. “Gold prices continued their positive trajectory in MCX, registering gains of over ₹400 in morning trade at 69400.