MCX June 2024’s gold futures contract opened at Rs 69,868 per 10 gm in the morning trade, following this by scaling a high of $2,323.70 dd/oz. The news of the international market showed the shiny metal has scaled a high of $2,323.70 per ounce.
New Delhi: In the last seven sessions, gold has posted the seventh consecutive all-time high… on the Multi Commodity Exchange (MCX) at Rs 69,908 per 10 gm. Another gain on Thursday led to the precious metal’s price soaring to a new record high, which broke the last day’s highs. The following scenario is witnessing this upward trend:
Line charts of the price data were done using a software package for historical gold futures contracts on the Indian MCX/June 2024 expiry. In the beginning, at 10:00 a.m., the level was around Rs 69,868 per 10 gm. However, by 10:09 a.m., the price rose to Rs 69
Subsequently, gold prices are scaling up with records, shooting up with every tenth trading session during the last seven days. As per the market analysts, the profit has risen to the statement of Fed Chairman Jerome Powell on Wednesday, which was more or less in the same tone as expected for the imminent interest rate cut. Low rates in the financial sector do not promise any high income from the investment operations in gold. This way, buying gold becomes more popular.
The gold costs have surged up to 11 per cent so far this year upon it being considered a secure house for investment in the current geopolitical and economic tensions that stem from the more volatile Israel and Gaza conflicts and Russia’s flare-up in Ukraine.
In addition, many countries’ central banks, most notably China, are buying gold massively, thus also influencing the price upswing.
The consumption of gold in the Indian market is rising quickly to meet the demand for the precious metal, especially during weddings, when it is used as jewellery for gifting to brides and grooms.
