Page 5 - Head Commodity News Today

Gold has extended decline to 2.62% or Rs 1,659 per 10 grams in 2024. Meanwhile, Silver futures have trimmed this years losses to 3.95% or Rs 2,940 from 4.13% or Rs 3,076 per kg in the last five sessions.

The dollar index (DXY) was trading slightly higher at 103.43 against a basket of six top currencies, up by 0.07 points or 0.07%. It has appreciated 1.05% over the past five trading sessions.

India Business News: Gold prices decline due to rise in dollar index; MCX February gold futures perform poorly. Experts suggest selling gold due to decline in investor int

The dollar index (DXY) was trading slightly lower at 102.90 against a basket of six top currencies, up by 0.50 points or 0.49%. It has appreciated 0.32% over the past five trading sessions.

Taking cues from the international market, MCX February gold futures were trading in the green. They were hovering around Rs 62,209 per 10 grams, up by Rs 421 or 0.68% from Thursdays closing price. Meanwhile, the March Silver futures were trading at Rs 71,897 per kg, higher by Rs 543 or 0.76%.

Comex Gold futures were trading at $2,036.40 per troy ounce on Wednesday, up by $3.40 or 0.17% while Silver futures were trading at $23.170, lower by $0.079 or 0.340%.

"Benchmark indices ended the first week of 2024 with minor losses, and the midcap index ended the week with gains for the second consecutive week. Sectoral indices ended the week on a mixed note. Eight out of 12 sectors rose while four declined. The realty sector was the top gainer, rising more than 7%," Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said.

MCX February gold futures were trading at Rs 63,225 per 10 grams, minutes after opening, up Rs 22 or 0.03% from Fridays closing price. Meanwhile, the March Silver futures were trading at Rs 74,260 per kg, lower by Rs 170 or 23%.

MCX Gold has returned higher returns than Comex gold, when it came to peer-to-peer comparison, said Anuj Gupta, Head Commodity & Currency, HDFC Securities informed. On the YTD basis, the net gains by MCX gold is 13.55% while those by Comex are slightly lower at 11.70%. Yellow metal futures on MCX hit the lifetime high Rs 64,063 in 2023 while testing this years low of Rs 54,771. This translates into Rs 9,200 price range that it has traversed.

MCX Gold December contract is forming a higher high and higher low pattern, indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.