MCX Gold Prices Surge Amid Positive Global Cues and Healthy Spot Demand
On August 12, gold prices on MCX rose 0.52% to Rs. 1,54,568 amid positive global cues. This increase was supported by a healthy spot demand and a rise in Brent crude futures by 0.85% to $89.67 per barrel. US West Texas Intermediate (WTI) also edged higher by 0.90% to $83.95 per barrel.
The domestic gold prices showed a similar trend, with 24K gold rising by Rs. 104 to Rs. 1,51,970 per 10 grams and 22K gold advancing by Rs. 95 to Rs. 1,41,950. Mumbai and Kolkata mirrored the prices at Rs. 1,51,970, while Delhi was at Rs. 1,55,010, and Chennai at Rs. 1,54,910.
US gold prices also climbed, with spot gold gaining 0.46% to $4,387.03 an ounce. Peter Grant, vice president and senior metals strategist at Zaner Metals, noted that the market is looking ahead to this week's inflation data for confirmation on whether inflation is in check.
Grant added that a moderation in the annualized CPI should continue to be supportive for gold. As long as prices remain above the Rs. 1,52,500 support, the buy-on-dips strategy remains intact, with Rs. 1,56,000 as the immediate hurdle and Rs. 1,58,600 as a potential target.