Gold ₹1.48L, silver ₹2.12L rise on MCX after global rally
Business
Gold and silver prices just got a boost on the MCX, thanks to a global market rally and lower oil prices easing inflation worries.
On Monday, gold futures rose to ₹1.48 lakh per 10gm (up 0.24%) and silver hit ₹2.12 lakh per kg (up 0.43%).
US rates, currency moves lift metals
Globally, gold and silver are both up as US interest rate expectations and currency moves shake things up for precious metals everywhere.
In India, local prices also react to these trends plus rupee changes and taxes; with festive season demand in play, some buyers may get picky if prices stay high.
As Vikram Subburaj, CEO of Giottus.com, puts it: falling energy costs help calm inflation fears, but high interest rates are still making things tricky for gold's comeback.