Gold opened on the Multi Commodity Exchange (MCX) on Wednesday at Rs 63,258 per 10 grams and hit an intraday low of Rs 63,257. In the international market, prices hovered around $2,063.70 per troy ounce.
Meanwhile, silver opened at Rs 73,971 per kg, hit an intraday low of Rs 73,968 on the MCX, and hovered around $23.69 per troy ounce in the international market.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold started the new year on a steady note as on the one hand dollar index and US yields inched higher while on other rate cut expectations by Fed held ground on the lower end.”
The dollar index rose 0.8%, reversing from its recent lows and is on track for its biggest daily gain since July; US 10-year yields also inched higher, hovering around the 3.9% mark.
The possibility of an escalation of tensions in the Red Sea and updates regarding other geopolitical…
