2024-09-22 01:43:22
New Delhi: Gold has reached a record high in the international market. The US Federal Reserve has announced a 0.50 percent cut in interest rates. After this, gold prices are skyrocketing. Gold crossed $2,575 an ounce in the international market, which is a new record. It also affected the Indian market. Gold October futures opened at Rs 73,502 per 10 grams on the Multi Commodity Exchange (MCX). This shows a rise of 0.09% or Rs 64 compared to the previous day. Silver December futures also opened flat at Rs 90,055 per kg, showing a rise of 0.1% or Rs 87. In the last two days, gold prices have seen an increase of Rs 450 per gram and silver prices have seen an increase of about Rs 1,800 per kg. On Thursday, gold closed at Rs 75,650 per 10 grams in Delhi’s bullion market with a rise of Rs 100. On Wednesday, gold of 99.9 percent purity was at Rs 75,550 per 10 grams.
Why did the international market boom?
In the international market, gold is trading around $2,587 per ounce. Gold prices have risen after good jobs data in the US and interest rate cuts by the Federal Reserve. At one point, gold even crossed $2,600 per ounce.
How will the next move be?
There are many reasons behind the rise in gold prices. These include strong demand for gold from central banks and investors, geopolitical tensions in the Middle East and Ukraine. Home sales data in the US has been weaker than expected. After this, the dollar index declined. This supported the prices of gold and silver. Tensions remain in the Middle East after the explosions in thousands of pagers and walkie-talkies used by Hezbollah members in Lebanon. The US Dollar Index (DXY) is trading around the level of 100.57, showing a decline of 0.05 or 0.05%.
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies, says, “MCX gold October futures are showing strong bullish momentum on the daily chart. Prices are trading above a rising trendline. Prices are trading above the 21-day exponential moving average (EMA).”