Gold Rates Today: Gold prices experienced a modest increase in domestic futures trading on Tuesday, October 22, 2024. The surge is driven by geopolitical tensions and robust demand from local spot markets. In initial trading session on Tuesday, MCX Gold futures for December 5 expiry were trading 0.21% higher at ₹78,200 per 10 grams.
Domestic gold and silver rates reached record highs on Monday, October 21, 2024. On Monday, MCX Gold futures for December 5 expiry surged to a record high of Rs 78,460 per 10 grams. Meanwhile, MCX Silver futures for December 5 expiry and March 5, 2025, expiry reached the life-time highs of Rs 98,598/kg and Rs 1,00,564/kg, respectively.
The 10-year treasury yield surged to a 12-week-high, while the US dollar strengthened to its highest level since August 2, according to Reuters. On the other hand, Gold prices held steady in international markets, following a record-breaking high of $2,740.37 per ounce in the previous session.
Gold Rates Today: What’s Driving The Surge?
Precious metals are gaining momentum, driven by a convergence of favourable factors: geopolitical tensions, economic uncertainty, dollar index fluctuations and declining interest rates.
Analysts attribute the surge in precious metal prices to expectations of a potential interest rate cut by the US Federal Reserve at its November meeting. The escalating tensions in West Asia, coupled with uncertainty surrounding the US Presidential elections, have provided additional momentum to the surge in gold and silver prices.
Share Market Today
Indian stock market indices, Sensex and Nifty50, opened up in green on Tuesday, October 22, 2024. In early trading on Tuesday, the Sensex was up 239.33 points to reach 81,390.60 levels. The Nifty50 also surged 72.95 points to reach 24,854.05 points.
Sensex-listed, stocks like UltraTech Cement, Titan, ICICI Bank etc were trading in green in early trade. However, Tata Steel, Tata Motors, SBI, NTPC etc were laggards.
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