MUMBAI: Gold prices have continued their upward trend, with futures for December delivery trading at ₹77,496 per 10 grams on the Multi Commodity Exchange (MCX), marking an increase of ₹389 or 0.5%. Analysts attribute the surge to strong spot demand and the creation of fresh speculative positions. The trading turnover saw significant activity, with 14,973 lots exchanged, reflecting heightened investor interest.
Global factors, such as a rise in international gold prices to $2,706.81 per ounce, also played a crucial role in this rally. The increase in demand for safe-haven assets, coupled with seasonal festivities and a stable dollar index, has contributed to the robust performance of gold. Analysts emphasize that the precious metal remains a preferred hedge against economic uncertainties and inflationary pressures.
Regional Gold Prices and Trends in India
In key North Indian cities, today’s gold rates hovered around ₹77,963 per 10 grams in Delhi and ₹77,979 in Lucknow, reflecting a slight decline from previous levels. Despite minor fluctuations, gold prices remain close to their historical highs, buoyed by sustained buying interest from jewelers and retail consumers.
Outlook for Precious Metals
As global economic dynamics continue to influence commodity prices, gold is expected to maintain its bullish trajectory in the short term. Factors like central bank policies, geopolitical tensions, and festive demand are likely to sustain the upward momentum. However, analysts caution that price corrections could occur if global economic conditions stabilize or if there is a significant drop in demand.
Source: Web Team, C6N
){kind=link}