India Business News: Gold prices on the Multi Commodity Exchange (MCX) experienced an uptick, climbing by Rs 102 or 0.14% to reach Rs 72,785 per 10 grams. Similarly, silver prices saw an increase, with MCX May silver contracts rising by Rs 112 or 0.13% to Rs 83,385 per kilogram. These price movements occurred on Friday amidst growing concerns over geopolitical tensions.
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The recent uptick has been on account of slippages in the dollar index (DXY) which has declined by 1.30% over the last one month. Today it was hovering near the 104.13 mark, up by 0.02 or 0.02%.
The gains in bullion prices have been on hopes of interest rate cuts by the US Federal Reserve and global central banks heightened buying of the yellow metal.