Gold up 0.59% to Rs 1,41,354 per 10 grams on MCX as global prices soften

Gold prices continue to swing. On November 11, Bhai Dooj, gold rose again after the market opened. On the Multi Commodity Exchange (MCX), 24-carat gold futures gained 0.59 per cent in early trade. The price rose by Rs 829 per 10 grams to Rs 1,41,354. On the previous trading day it was Rs 1,40,525 per 10 grams.

According to bullion traders, 24-carat gold has reached Rs 1,41,950 per 10 grams. In Delhi's bullion market, 24-carat gold costs Rs 1,46,400 per 10 grams including all taxes. By another set of figures, 24-carat gold is Rs 1,42,840, 22-carat is Rs 1,30,950 and 18-carat is Rs 1,07,170 per 10 grams.

According to IBJA, the morning rates per 10 grams were: 24-carat gold Rs 140805, 22-carat Rs 128977, 18-carat Rs 105604 and 14-carat Rs 82371.

Among cities, the rate for 24-carat gold today is Rs 141980 per 10 grams in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Sangli, Jalgaon and Chhatrapati Sambhajinagar alike.

Market experts say softness in international markets and a stronger dollar are putting clear pressure on gold prices in the domestic market. Gold purchases during Diwali were also lower than expected, so prices found no major support. In the international market, spot gold fell $27.59, or about 1 per cent, to $4,113.55 per ounce. Silver was also trading down by more than 1 per cent at $52.77 per ounce.

Investors are now watching movements in world markets and US economic data. Akshat Siddhant, chief quant analyst at Mudrex, said crude oil prices have fallen ahead of the US inflation figures, easing some concern about inflation. For this reason, gold is holding firm around $4,100 per ounce even after a 1 per cent rise in the previous session.

He added that on Tuesday, Brent crude oil in the international market fell $2.72, or 3 per cent, to below $89.85 per barrel, owing to the prospect of an end to the conflict between the US and Iran.

Investors' attention is now fully on the key US inflation data, which will indicate the Federal Reserve's future policy on interest rates.