Stay updated with breaking news from Neha Quereshi. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Gold prices on MCX dip slightly amid hopes for Fed rate cuts. Despite Thursday's loss, gold remains steady, set for second weekly gain. Silver outperforms gold, up 25%. US Dollar Index rises.
Gold futures on MCX traded flat ahead of US inflation data, with June contracts inching up 0.09% to Rs 72,365/10 grams. Meanwhile, MCX Silver July contracts rose 0.18% to Rs 85,569/kg. The expected moderation in US inflation may hint at potential Federal Reserve rate cuts, supporting gold prices.
India Business News: Gold prices have dropped on the Multi Commodity Exchange (MCX) as the US Federal Reserve is set to decide on an interest rate cut later this week.
Gold has been in an uptrend for the third consecutive month, partly due to high demand from central banks and investors looking for safe investments.
Gold June futures contracts on Thursday fell Rs 352 or 0.05% to open at Rs 70,700, while Silver May contracts opened at Rs 80,046, 0.56% or Rs 451 lower.