Mumbai: Prices of gold jumped to a lifetime high again in the domestic market on Wednesday, crossing the ₹61,000 mark per 10 grams. Prices on the COMEX rose to a 13-month high, while the June futures contract of gold touched a lifetime high of ₹61,181 on MCX Wednesday.
Prospects of the US Federal Reserve taking a more dovish stance, and perhaps, even reducing interest rates by the end of the year, weighed on the dollar, boosting gold prices in the international market.
“US ISM Manufacturing PMI released on Monday pointed to a fifth straight month of contraction in factory activity, in a sign that tighter credit conditions are already hurting the economy,” said Ravindra V Rao, the head of commodity research at Kotak Securities.
“We expect gold prices to trade with a positive momentum, amid deteriorating macro cues,” Rao said. Among others, gold prices are likely to take further cues from the US ISM non-manufacturing data for March, analysts said.
Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!
This website uses cookies. By continuing to use this site, you accept our use of cookies.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
