Home Kashmir Gold rates today in India jump to highest in one month. Why prices are rising

Gold rates today in India jump to highest in one month. Why prices are rising

by JK News Live
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Gold rates today in India jump to highest in one month. Why prices are risingGold and silver rose in Indian markets today, tracking positive global cues. On MCX, gold futures were up 0.4% to over one-month high of ₹51,848 per 10 gram. Silver futures jumped 1.2% to ₹61,525 per kg. In international markets, gold today continued its rebound, supported by a drop in US Treasury yields retreated but gains remained capped. Spot gold was up 0.2% at $1,719.19 per ounce.

A steady US dollar also helped the precious metal. Lower yields decrease the opportunity cost of holding gold, which pays no interest. Spot silver however fell 0.3% to $20.64 per ounce.

The markets will also be closely watching Friday’s employment situation report for September from the Labor Department. However, strength in global oil prices and geo-political tensions between Russia and Ukraine are supporting safe-haven buying in precious metals. Gold has support at $1712-1698, while resistance is at $1740-1751.

Silver has support at $20.48-20.20, while resistance is at $20.95-21.10. In rupee terms gold has support at ₹51,420-51,240, while resistance is at ₹51,880, 52,050. Silver has support at ₹60,150-59,440, while resistance is at ₹61,480–62,110,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd

On Wednesday, US data released suggested underlying strength in the economy despite rising interest rates. The ADP National Employment report showed private employers increased hiring last month, while separately the Institute for Supply Management’s (ISM) non-manufacturing PMI reading came in slightly above expectations.

The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.18% to 946.34 tonnes on Wednesday, their third straight day of inflows.

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“Investors may remain cautious ahead of US jobs data this week as strong than expected numbers may give Fed more room to continue with tightening and hence lead to gains in bond yields. We expect gold prices to trade sideways to higher,” Kotak Securities said in a note

Among other commodities, Brent crude added 20 cents per barrel to $93.57 in London. It advanced $1.57 the previous session after OPEC+ alliance agreed to the biggest production cut since 2020

Oil had surged to above $110 per barrel following Russia’s February attack on Ukraine but has fallen back

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