Gold prices firm up amid rising Iran-Israel tensions
Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
The risk on trade in global markets is witnessing a huge rally in equities as well as gold.
The price of gold went up on MCX on Wednesday with gold for June 5 delivery traded 0.44 per cent higher at Rs 71,652 per 10 grams at around 11:30 a.m.
In a display of sheer determination and skill, Malaysia dominated the proceedings, clinching an impressive five gold medals along with two silver and one bronze.
With the consecration, there are multiple investment avenues opened for the citizens.
Prices of the yellow metal in international markets have declined by around USD 100 per ounce to USD 1,700 so far in July, data showed. In India, the prices declined by around Rs 1,800-2,000 towards Rs 50,000 per 10 gm during the same period.
Citing the uncertainty in the global macro environment, the Indian rupee is likely to be under pressure, especially if crude prices remain elevated and global growth slows down.
On Thursday, the central government increased the customs duty on gold from 10.75 per cent to 15 per cent to curb gold imports.
The Indian Bureau of Mines has released provisional day which says that the cumulative growth for the period April to February 2021-22 over the corresponding period of the previous year has increased by 13.2 per cent.
Pent-up demand for gold started in 2021.