The yellow metal climbs to nearly a week in choppy trade


By Asmita pants IST (Released)

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October MCX gold futures climbed 0.1% to hit a one-week, intraday high of 50,057 rupees per 10 grams. White metal futures rose 0.4% to 58,250 rupees per kilogram.

Domestic gold prices extended gains in choppy trade on Friday as domestic equities edged lower amid weakness in markets around the world. Global gold prices have fallen, pushed by a dollar to their highest in nearly two decades.

October MCX gold futures climbed 0.1% to hit a one-week, intraday high of 50,057 rupees per 10 grams. White metal futures rose 0.4% to 58,250 rupees per kilogram.

The dollar index – which measures the strength of the greenback against six peers – was 0.1% higher at 111.3 at the last count.

“Gold has resisted central bank decisions and managed to hold above recent lows indicating that bearish buyers have emerged. However, a sustained rise is unlikely until the US Dollar strengthens. corrects significantly,” said Ravindra Rao, vice president responsible for commodities research at Kotak Securities.

Brent and WTI futures fell 0.6% each on Friday to $89.3 and $82.4 a barrel respectively, amid fears that a slowdown in global growth could fuel a drop in demand.

India’s equity benchmarks opened in the red on Friday, drawing negative indices in global markets. The Rupee depreciated to a record high of 81.18 against the US Dollar before rebounding 35 paise.


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