A weak US dollar and positive global cues caused gold prices to rise in the domestic futures market. Due to a 0.10% decline in the dollar index, gold became more accessible to purchasers abroad.
Due to a weak US dollar and encouraging global indicators, gold prices increased in the domestic futures market Thursday morning. As the dollar index fell by almost 0.10 percent, bullion sentiment improved. Because gold is valued in US dollars worldwide, holders of other currencies can purchase the yellow metal at a lower cost when the value of the dollar declines.
The price of MCX Gold for the February 5 expiry was ₹76,601 per 10 grams, up 0.43 percent.
Due to the US dollar’s decline, gold prices increased in global markets. Investors are keeping a tight eye on Donald Trump’s trade tariff policies, geopolitical developments, and the trajectory of the US Federal Reserve’s interest rate cut. The movement of gold next year will be determined by these important elements.
Concerning to geopolitical concerns, domestic gold prices increased by roughly 0.2 percent during the previous session. Furthermore, the demand for the precious metal as a safe haven is being bolstered by weakening in the global equities markets.
According to a Reuters report
“Hamas and Israel exchanged blame on Wednesday for failing to finalize a ceasefire agreement despite reporting progress in recent days,”.
