- Gold and silver surged significantly since last Dussehra.
- MCX closed Dussehra morning, trading resumes 5 PM.
- Global gold pressured by Fed rate hikes, high yields.
For households that bought gold or silver on last year’s Dussehra, this year’s festival arrives with a pleasant bit of arithmetic. Gold prices in India have risen by more than 25% since Dussehra last year, while silver has done even better, delivering returns of roughly 45% over the same period.
The gains have come despite recent swings in the market, and they give the festival a particular edge this year, with precious metals once again in focus as the country celebrates.
MCX shut for Dussehra, Trading to resume at 5 PM
The Multi Commodity Exchange (MCX) is closed for the morning session on Tuesday because of the Dussehra holiday. Trading in gold, silver and other commodities is scheduled to resume at 5 pm.
Where prices stood at Monday’s close
On Monday, MCX gold futures for December delivery slipped Rs 618, or 0.42%, to settle at Rs 1,47,300 per 10 grams. Silver futures for December delivery ended almost flat at Rs 2,09,825 per kilogram.
In the Mumbai retail market, 24-karat gold was priced at Rs 1,47,340 per 10 grams, while 22-karat gold stood at Rs 1,35,062 per 10 grams, according to bullion.co.
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Fed rate worries keep international gold under pressure
Overseas, gold has been held back by elevated crude oil prices, which have deepened inflation concerns and strengthened expectations that the US Federal Reserve could raise interest rates further. Investors are watching the Fed’s policy outlook closely as policymakers try to contain inflation, and expectations of higher rates have emerged as a key factor shaping the direction of gold prices globally.
Spot gold edged up 0.1% to $4,144.15 per ounce, while spot silver gained 0.6% to $57.44 per ounce.
Higher US Treasury yields have also weighed on the metal, which pays no interest. A recovery in US technology stocks reduced demand for government bonds as a safe haven, pushing yields up and making non-yielding assets such as gold comparatively less appealing to investors, according to the news agency.
Gold steadies above $4,100 after September slide
Gold has largely stayed above $4,100 per ounce through October, regaining some stability after a fall of more than 6% in September. That consolidation has held even with a stronger US dollar and elevated bond yields.
The metal, however, remains about 20% below the levels it traded at before the US-Iran conflict began in late February.
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Input By : IANS
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: abplive.com
