"Gold prices stabilised after a recent 3% drop, with investors considering future interest rates due to a slowdown in the US job market. Concerns about inflation and the possibility of excessive rate cuts initially drove gold to a record high on Monday, but it quickly retreated. The market now suggests a 60% chance of the Fed lowering rates in March," Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
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%.
Meena expects the market to experience some direction and increased volatility as we approach the November month F&O expiry. Apart from this exit polls for the state elections on November 30 will be revealed and India s GDP number for the third quarter on the same day could be likely triggered this week, the Swastika analyst said.
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.
On Comex, gold futures were trading at $1,994.70 per troy ounce on Thursday, up by $1.90 or 0.10% while Silver futures were trading at $23.735, higher by 0.047 or 0.20%.