Prices of MCX gold futures gained on Wednesday. And futures are also trading up on the spot price on the Multi Commodity Exchange amid generalized that the government will announce a cut in tariffs on the metal in the next EU budget.
At MCX Gold for April futures delivery was trading at Rs 26242 up Rs 183, or 0.70 percent. Gold rate touched an intraday high of Rs 26301 and an intraday low of Rs 26,079. So far 1673 contracts have been traded on the Multi Commodity Exchange.
Also on the Multi Commodity Exchange, afternoon on Wednesday, while the June contract was trading at Rs 26,456, up 0.86%. Prices touched an Intraday high of Rs 26420 and an Intraday low of Rs 26394. This means that the two futures contracts were trading at a discount of Rs 352 and Rs 186, respectively, from the spot gold that was trading at Rs 26,642, said KheloMCX Commodity Advisory.
Snapping its four-day losing streak, in the national capital bullion marketplace, gold by 99.9 and 99.5 per cent purity recovered by Rs 100 each to Rs 27,070 and Rs 26,870 per ten grams respectively besides wedding season demand from jewellers and retailers, a firming global trend.
Gold rallied above the $ 1,200 level in the global marketplace in the perspective of Fed rate. Market observers said the witness gave the Fed more flexibility to move up the latest rates in June this year.
Gold in the Comex division of the New York Mercantile Exchange, for April delivery jumped $11.10, or 0.93%, to trade at $1,208.40 a troy ounce after hitting an Intraday high of $1,211.70.
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