Gold price today: Rates of gold rose on the MCX Thursday (October 23) morning amid reports of potential India–US trade deal expected in the coming days or weeks. MCX Gold December futures traded 0.89% higher at ₹1,22,938 per 10 grams around 9:08 IST. MCX Silver December contracts were 0.93% up at ₹1,46,915 per kg at that time.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, MCX gold price for December expiry may trade in a range from ₹121,500 to ₹123,000 per kg.
In the global market, gold prices dipped on Thursday, influenced by a stronger dollar as investors anticipated crucial U.S. inflation data scheduled for later this week, which could provide insights into the trajectory of interest rates.
As of 0310 GMT, spot gold declined by 0.2% to $4,084.29 per ounce, while U.S. gold futures for December delivery increased by 0.9% to $4,100.90 per ounce, according to a report from Reuters.
The dollar index advanced by 0.2% against its peers, making gold pricier for those holding other currencies.
“Gold prices fell to around $4,080 per ounce, extending its decline for a third straight session amid continued selling pressure after repeatedly hitting record highs in recent weeks. Optimism over a potential US-China trade deal, ahead of talks between Presidents Trump and Xi Jinping and combined with Trump’s recent more conciliatory remarks toward China, has reduced gold’s safe-haven allure,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Nevertheless, gold is still up roughly 55% for the year and over 5% this month, supported by expectations that the Federal Reserve will implement two additional rate cuts by year-end, he added.
(more to come)