New Delhi, India Oct 9, 2024: Gold prices on Wednesday declined Rs 133 to Rs 75,028 per 10 grams in futures trade amid weak global cues.
Silver
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Israel-Iran war: Gold rate today trades flat as market awaits US Fed minutes
Israel-Iran war: Ahead of the announcement of the US Fed meeting minutes and the US CPI data this week, gold prices opened flat in early morning deals. Gold rate today on the Multi Commodity Exchange (MCX) opened lower at ₹75,851 per 10 gm and touched an intraday high of ₹75,908 per 10 gm within a few minutes of the Opening Bell. In the international market, spot gold prices are quoted at around $2,643 per troy ounce, 0.02% above the previous day’s high.
The Fed is in no Hurry to Cut Interest Rates
Gold (XAU/USD) started the new week under bearish pressure and fell by nearly 1% on Monday. Speaking at the annual meeting of the National Association for Business Economics, Federal Reserve (Fed) Chair Jerome Powell refrained from giving any new hints about the next policy move.
Gold hits new high of Rs 78,500 on safe investment and festive demand
Gold price hit a new high of Rs 78,500 per 10 gram on Wednesday on safe-haven buying amid rising tensions in the Middle East and a drop in US bond yields. Market participants expect the yellow metal to gain further as global geopolitical uncertainties grow. Prices rose by Rs 1,700 per 10 gram from Tuesday.
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Silver prices fell for the second consecutive day to around $31.25
Silver price (XAG/USD) saw some sellers close to $31.25 during the early Asian session on Monday. Improved risk sentiment in global markets fueled some profit booking in the white metal. Traders will be eyeing US Federal Reserve (Fed) Chair Jerome Powell’s speech later on Monday.