​Gold hit yet another lifetime high in the opening trade on Thursday taking cues from the international commodity prices. US Fed chair Gerome Powells statement that the recent job numbers and higher-than-expected inflation readings do not significantly alter the central bank s monetary strategy, lifted the investor mood for bullion triggering a fresh wave of buying activity.
Gold prices on MCX and silver futures surged, driven by US Federal Reserve s rate cut hopes and geopolitical tensions. Analysts project bullish trajectory.
India Business News: Gold prices rose by Rs 440 per 10 grams on Wednesday on the Multi Commodity Exchange (MCX), extending their month-long winning streak. This week, gold has reached a lifetime high of Rs 69,487 in April futures but was trading at Rs 69,369, up 0.64% from the previous closing price by 10:10 AM.
The MCX June gold futures were trading at Rs 68,644 per 10 grams around 9:10 am, rising Rs 313 or 0.46% while May silver futures were trading at Rs 76,076 per kg, higher by Rs 544 or 0.72%.
India Business News: The price of gold has seen remarkable gains in 2024, with the yellow metal becoming costlier by over Rs 5000 per 10 grams so far. But with such a surge, the question arises: Should you buy gold?