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Home Gold News Gold Prices Open at Rs 62,567 on MCX, International Rates Hover Around $2,043.86

Gold Prices Open at Rs 62,567 on MCX, International Rates Hover Around $2,043.86

by anna

Gold prices commenced trading on the Multi Commodity Exchange (MCX) on Friday at Rs 62,567 per 10 grams, reaching an intraday low of the same value. In the international market, gold prices hovered around $2,043.86 per troy ounce.

Simultaneously, silver opened at Rs 71,346 per kg on the MCX, touching an intraday low of Rs 71,340. In the global market, silver prices were around $22.73 per troy ounce.

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Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, noted, “Yesterday gold prices increased by 0.51% and closed at 62,567 levels. Silver prices were closed on a positive note, up by 0.72%, and closed at 71,279 levels.”

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Manav Modi, Analyst, Commodity, and Currency at MOFSL, mentioned, “Gold and silver were weighed down in the first half of yesterday’s session, however, picked up a pace after US inflation data.”

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Recent data from the US, including consumer confidence, core durable goods orders, and GDP, reported lower than expectations. However, market participants exercised caution ahead of the US inflation data released on Thursday.

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The US Core PCE Price Index, in line with expectations, rose by 0.4% in January, while on an annual basis, inflation increased by 2.8%, the smallest rise in nearly three years.

Modi added, “Federal Reserve officials continue to mention that the bank needed to do more work to bring down inflation. This followed a chorus of officials stating that the Fed was in no hurry to begin cutting interest rates early. Market participants are betting on about 25 bps interest rate cuts for 2024 in the US, with a 65% chance of the first one coming in June.”

Jateen Trivedi, VP Research Analyst at LKP Securities, observed, “Gold prices maintained a narrow range between $2,038-$2,034 in the global market, with support holding steady around the $2,025 mark amidst a week dominated by critical data releases.”

Similarly, in the MCX, gold prices displayed robust buying momentum, rebounding from recent lows around Rs 61,250 observed on February 15, 2024, and currently hovering around Rs 62,275.

Trivedi concluded, “Positive data from this release could potentially bolster gold prices during the evening session, sustaining the positive sentiment observed in the market.”

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