Gold Rate Today: Yellow metal at six-month highs; 2023 gains at Rs 6,600 on MCX. How far will the rally go?
Taking cues from the international prices, MCX December gold futures opened in the green and were trading at Rs 61,649 per 10 gram, up by Rs 109 or 0.18% from the Monday closing price. Meanwhile, the December silver futures were trading at Rs 74,795 per kg, lower by Rs 11 or 0.01%.
On Comex, gold futures were trading at $2,016.10 per troy ounce on Tuesday, up by $3.70 or 0.18% while Silver futures were trading at $24.655, higher by 0.026 or 0.11%.
The dollar index was trading at 103.12 against a basket of top six currencies, down by $0.08 or 0.08% though the bias was negative.
The December Gold futures ended at Rs 61,546 on holiday shortened Monday, up by Rs 6 or 0.01% while the December silver futures settled at Rs 74,792, lower by Rs 14 or 0.02%.
MCX was shut for trading in the first session on account of Guru Nanak Jayanti.
«Gold is holding near its highest level since May, driven by falling treasury yields. Traders are betting on the Fed cutting interest rates next year, pushing bond yields down.
This trend is positive for gold. Hedge funds are increasingly optimistic about gold,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
Gold futures on the MCX have gained by 1.61% or Rs 669 per 10 gram on the month-to-date basis, Analyst Anuj Gupta, Head Commodity & Currency, HDFC Securities informed.
They were up by 12% or Rs 6,602 on the year-to-date basis as on Monday, November 27 on the closing price basis.
