Page 36 - Multi Commodity Exchange News Today

US Fed officials say they're not confident that interest rates are enough in battle against inflation

Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart Ltd., said he expects gold prices to move towards Rs 64,000 to Rs 66,000 per ten grams in 2024. However, any dip to the Rs 57,000 – Rs 58,000 levels may be a good `buy’ opportunity.

An individual can buy gold from Bombay Stock Exchange (BSE) and Multi Commodity Exchange (MCX) through their demat account provided Electronic Gold Receipt (EGR) and Commodity segment respectively is activated on the individuals demat account. There is also an option to take physical delivery of gold from both BSE and MCX.

Diwali is also considered an auspicious time to invest, and many people choose to invest in gold during this period. Buying gold, a safe haven asset, during this festival is believed to bring good fortune and growth in one's wealth. Dhanteras 2023: Indians Eye Investment in Precious Metals, Realty and Stocks for Good Fortune on Auspicious Occasion of Dhanteras Festival.

The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle.

Shares of BSE have rallied 270% this year, trouncing global platforms such as cryptocurrency major Coinbase Global Inc. and Cboe Global Markets Inc., as well as the countrys Multi Commodity Exchange of India Ltd. The rally was partly driven by BSE relaunching derivative contracts on the benchmark Sensex and the banking sector gauge in May this year, attracting investors with reduced lot sizes and a new expiry cycle.

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Multi Commodity Exchange Of India Q2 FY24 results: Revenue increased by 29.6% YoY & loss at ₹19.07Cr

Analysts say this is because traders booked profits ahead of Diwali

On November 09, gold futures expiring on December 05, 2023, were being traded at Rs 59,875 on the Multi Commodity Exchange.