With increase weakness in rupee in the domestic market prices of gold and silver keeps growing.
In the domestic market due to fall in rupee has increased purchases of gold and silver. Whereas internationally market get pressures. The dollar index continues to strengthen. Such is the pressure in the international market. Sales of homes in the US and personal income figures data will release today, on which market will eye on. MCX Gold October futures price with 0.7 per cent rise is trading at Rs 26,980. Silver December futures at Rs 39,369 with a gain of 0.51 percent.
The dollar index, which tracks the performance of the greenback versus a basket of six major currencies. The demand for the dollar continued being buttressed after data on Friday that showed the United States economy expanded at an annual rate of 4.6% in the second quarter, the most rapid in two years and a half rate.
At MCX Gold October futures contract was trading at Rs 26,975 up by Rs 183, or 0.68 percent. Prices touched an intraday high of Rs 26,855 and an intraday low of Rs 26,802. So far 1,072 contracts have been traded.
KheloMcx.com Analysts attributed “Precious metal prices higher at futures trade on Monday,ahead of recovering from early lows as pro-democracy protests in Hong Kong sent Asian equities lower overnight, bolstering safe haven demand for the precious metal. And a weakness in rupee pushed higher prices of gold and silver in mcx commodity market.”
At global market Gold rose in New York as stocks fell around the world, boosting demand for an alternative investment. Gold December futures delivery rose 0.7 percent to $1,223.70 an ounce by 7:57 a.m. on the Comex.
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