Gold Prices Rise 0.19% as Dollar Weakens and Oil Prices Ease
The price of gold in India has risen by 0.19% today to ₹153,720 per 10 grams, according to current market data. This increase is a result of a weak dollar and easing oil prices, which have made precious metals less expensive for other currency holders. Jigar Trivedi, Senior Research Analyst at IndusInd Securities, predicts that the MCX Gold October futures may appreciate to Rs. 153,400/10g as prices are likely to rebound in global markets.
Gold prices in India continue to remain higher than in Dubai, with a difference of ₹17,415 or 12.78% between the two regions. Analysts expect gold prices to trade range-bound in the near term due to the hawkish monetary policy stance of central banks worldwide and potential increases in treasury yields and oil prices.