India Business News: Gold and silver prices opened with little movement on the Multi Commodity Exchange (MCX) on Tuesday following a weakening of the US dollar after softer-than-expected US jobs data.
Central banks worldwide are actively accumulating gold to diversify reserves and reduce dependency on the US dollar. China, in particular, has been on a gold-buying spree for the 17th consecutive month, aiming to hedge against currency depreciation and geopolitical risks.
Spot gold experienced a rise of 0.8%, reaching $2,320.95 per ounce by 1503 GMT. Additionally, U.S. gold futures for June delivery saw an uptick of 0.9%, reaching $2,329.70 per ounce.
Latest gold price of top jewellers in India: The majority of Indians believe that purchasing gold during festival occasions is auspicious and would benefit both individuals and families by bringing money and good fortune.