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Gold outperforms S&P BSE Sensex in 2024 with 13% YTD returns. Top stocks with superior performance to gold include Tata Motors, Sun Pharmaceuticals, Maruti Suzuki, Mahindra & Mahindra, State Bank of India, Tata Steel, Power Grid Corporation, NTPC, Bharti Airtel, and Reliance Industries.
The recent uptick has been on account of slippages in the dollar index (DXY) which has declined by 1.30% over the last one month. Today it was hovering near the 104.13 mark, up by 0.02 or 0.02%.
The gains in bullion prices have been on hopes of interest rate cuts by the US Federal Reserve and global central banks heightened buying of the yellow metal.
Gold and silver prices hit new lifetime highs in the opening trade on Monday continuing their dream run on the Street. Gold contracts on MCX hit a life high of Rs 71,080 per 10 grams jumping Rs 440 or 0.62%. Meanwhile, silver futures scaled a new peak of Rs 82,064. It was trading at Rs 81,939, rising Rs 1076 or 1.33%, around 10:10 am.
Gold and silver prices paused after reaching lifetime highs as market was influenced by geopolitical tension, Fed rate cut expectations, and policymakers' remarks. Physical bullion market prices also played a role in the market movement.