Gold prices in the futures market recovered sharply on Monday, with the yellow metal touching Rs 72,000 per 10 grams on the Multi Commodities Exchange. This sharpness was attributed to various factors, such as a statement from US Federal Reserve Chair Jerome Powell, in which he cut the interest rate signals and increased tensions in the Middle East.
Gold rose 0 on the MCX after declining to its lowest level in more than three weeks amid escalating tension across the globe. When reporting the price, the company quoted 59% for Rs 7,219 for the October 4, 2024, contract for 10 grams of gold. Silver also received a fillip, rising by about 0. This led to an increase in the commodity’s prices from about 95% to Rs 86,022 per kilogram for the September 5, 2024 contracts.
Rahul Kalantri, vice president (commodities) at Mehta Equities Ltd., noted that the recent fundamental performance of gold and silver included Powell hinting at probable rate cuts during the Jackson Hole Symposium. More weakness in IS spending and increasing geopolitical risks in the Middle East helped the precious metals.
Further, gold prices are predicted to keep rising for the future, and ARN’s Pranav Mer has predicted that gold might soon reach Rs 72,500 for 10 gm of gold. The increase in the price of gold again points to the fact that gold is an ideal safe haven investment tool during economic hard times and during geopolitical instabilities.
