Page 26 - Multi Commodity Exchange News Today

A fall in rate cut expectations and a mixed set of data points from the US supported a rise in the dollar index and US yields

Check gold rates today in different cities on January 08, 2024; (In Rs/10 grams)

Gold Rate Today In India: In Chennai, the price for 10 grams of 22-carat gold is Rs 58,600, and for the same amount of 24-carat gold, it's Rs 63,930.

Gold Price Today 5 January 2024: Gold is trading on the lower side of the Multi Commodity Exchange (MCX) while silver rates have recorded a hike on Friday. Check the latest city-wise prices here.

Analysts say the focus today will be on the US non-farm payroll and unemployment rate, which could provide clarity on overall strength in the labour market and the Fed’s path ahead

Gem and Jewellery Domestic Council stated that the prevailing global economic uncertainties and geopolitical tensions are expected to propel gold prices

Analysts say that bets for a rate cut in March dropped from 75% to 65% last week, supporting an up-move in the dollar index and US yields

Gold is highly important in India because of its cultural significance, its value for investment, and its traditional role in weddings and festivals.

The possibility of an escalation of tensions in the Red Sea and updates regarding other geopolitical tensions supported gold prices

Golds performance has been impressive, showing a gain of more than 12% this year. The demand for the yellow metal is expected to continue due to geopolitical tensions, rate cuts, and concerns over major economies.