Commodities
Gold Prices Soar on MCX Amid Weaker US Jobs Data
The price of gold on the Multi Commodity Exchange (MCX) surged to Rs 1.53 lakh per 10 grams, a gain of 0.62 percent from the previous close.
This increase follows weaker-than-expected US Jobs data, which reduced expectations for interest rate hikes in the past week.
The gold October 5 contract on MCX opened with a drop of Rs 27 or 0.36 percent at Rs 1,51,793 per 10 grams but later picked up momentum and touched an intraday high of Rs 1,52,982, a gain of Rs 1,162 or 0.76 percent.
Ponmudi R, CEO of Enrich Money, noted that MCX Gold is trading above Rs 151,500 and faces resistance near its recent seven-week high after a sharp breakout.