Key Points
Gold prices increased by 76 to 70,775 per 10 grams in futures trading, as speculators took new positions due to strong spot demand, on Wednesday..
On the Multi Commodity Exchange, gold contracts for October delivery saw a rise of 76, or 0.11%, reaching 70,775 per 10 grams, with a business turnover of 17,397 lots...
Gold's outlook remains positive, despite increasing volatility. Depending on the impact of rate cuts, if the Fed implements a 50 basis point reduction, a significant rally in the metals market can be expected...
In July this year, the precious metal soared to a record high of $2,480 in international spot gold markets, driving the cost of the yellow metal to unprecedented levels in the Indian market as well, reaching over 75,000 per 10 grams...
Hareesh V, Head of Commodities, Geojit Financial Services, said, that the Indian gold prices are highly correlated with overseas market and hence factors like geopolitical tensions, US policy decisions, performance of the US dollar, central bank buying, and the global growth outlook would influence the future price movements..
