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Gold prices declined marginally in the last trading session of 2023. Despite a slight dip, gold prices clocked their best year in three, as expectations regarding US interest rate cuts early next year and the war in Ukraine and tensions in the Middle East lifted safe-haven demand.
February gold futures were trading at Rs 63,795 per 10 grams on the MCX at 10.20 am and were up by Rs 117 or 0.18% from Wednesday's closing price. Meanwhile, March Silver futures were trading at Rs 75,690 per kg and were higher by Rs 43 or 0.06% around this time.
"Gold prices are likely to remain high as weakened US dollar, lower Treasury yields, and heightened expectations of a Federal Reserve interest rate cut keep prices underpinned," Saish Sandeep Sawant Dessai, Analyst at Angel One, said.
Nifty futures on the NSE International Exchange traded 8 points, or 0.04 per cent, higher at 21,417, hinting at a flattish start for the domestic market on Tuesday.
Stock market holiday: On Friday, the 30-share BSE Sensex pack rose 242 points or 0.34 per cent to settle at 71,107, while the broader NSE Nifty index moved 94 points or 0.44 per cent up to close at 21,349.