look news india
Gold Rate Today: Gold rose on strong buying in precious metals following a fall in US dollar rate and US Treasury yields. Gold August 5 futures on MCX opened at Rs. 72879 per 10 grams and touched an intraday high of Rs. 73045 by 11 am. At 11.02 am, it was trading at Rs. 72931 per 10 grams, up by Rs. 413.
In the global markets, spot gold was trading at $ 2368 per ounce, Comex gold was trading at $ 2394.60 per ounce. Silver was also quoted at $ 30.55 per ounce with a jump of 1.59 percent. Yesterday, Wednesday, the price of gold in the spot market in Ahmedabad was Rs. 74400 per 10 grams, while the price of silver was Rs 74400 per 10 grams. It was increased by Rs 100. It was quoted at 90500 per kg.
US dollar hits two-month low
The reason for the rise in the precious metal is the weakening of the US dollar. Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said that gold prices are directly linked to the rate of the US dollar. If there is any significant change in it, it affects the price of gold and silver. The US dollar index has reached close to 104. The dollar has reached a two-month low in the foreign exchange market. As a result, profit-booking has increased in the US Treasury market. Due to this, gold and silver have risen.
Impact of US Fed rate cuts
US inflation is expected to rise. Apart from this, data on service PMI is also to be released. Economists and experts are expressing a strong possibility that due to the improvement in the condition of the US economy and the reduction in geopolitical crisis, the US Fed Reserve will cut interest rates in September. Which may increase the attractiveness of precious metals.
A look at US jobs data
Investors are currently eyeing the US employment data, which gives an indication of the state of the US economy. The US employment data is due to come on Friday. Till then, commodity expert Anuj Gupta is expecting that gold will trade in the range of 72000-73800.
