Gold rate today: Gold prices on MCX inched higher Tuesday after a sharp slump seen in the previous session. International bullion prices also gained, but hovered near a one-month low, while investors awaited key US economic data and remarks from Federal Reserve officials, seeking greater clarity on the future trajectory of interest rates.
At 9:20 am, MCX gold prices gained ₹119, or 0.16%, to ₹75,470 per 10 grams, while silver price rose by ₹18, or 0.02%, to ₹89,200 per kg. Meanwhile on Monday, gold rate plunged 2.53%, while silver declined 2.35%.
In the international market, spot gold rose 0.2% at $2,624.17 per ounce, after hitting its lowest since October 10 on Monday, while the US gold futures rose 0.5% to $2,630.10.
The US dollar held near a four-month high, driven by investor optimism regarding the incoming Donald Trump administration. A stronger dollar typically makes gold more expensive for holders of other currencies, potentially reducing demand and exerting downward pressure on its price.
According to Geojit Financial Services, selling pressure in gold may continue if prices drop below ₹75,000. Else, mild recovery uptick is expected.
