Gold Rate Today: Yellow metal set for second weekly gains. Should you buy?
Taking cues from the international prices, MCX December gold futures opened in the green and were trading at Rs 61105 per 10 gram, up by Rs 33 or 0.05% from the Thursday closing price. Meanwhile, the December Silver futures were trading at Rs 72,934 per kg, higher by Rs 36 or 0.05%.
On Comex, Gold futures were trading at $1,993.60 per troy ounce on Friday, up by $0.80 or 0.04% while Silver futures were trading at $23.720, higher by 0.032 or 0.14%.
The dollar index was trading at 103.83 against a basket of top six currencies, down by $0.09 or 0.09% though the bias was negative.
The December Gold futures ended at Rs 61,018 on Wednesday, down 207 or 0.34% while the December Silver futures settled at Rs 72,781, lower by Rs 523 or 0.71%.
Gold futures on the MCX have gained by 0.28% or Rs 170 per 10 gram on the month-to-date basis, Analyst Anuj Gupta, Head Commodity & Currency, HDFC Securities informed.
They were up by 11.08% or Rs 6,098 on the year-to-date basis as on Thursday, November 23 on the closing price basis. Meanwhile, Silver futures have gained nearly Rs 1227 or 1.71% in value terms in November while gaining by 5.02% or Rs 3,483 on the YTD basis, the commodity and currency analyst said.
«Gold is on track for a second weekly gain due to a weaker US dollar, anticipating looser monetary policy next year.
Bullion is just below $2,000 an ounce, benefitting from a 30% chance of the Federal Reserve lowering rates by March. This, along with a weaker dollar, boosts gold's appeal,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
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