COMEX Gold futures are holding on near six-week highs after breaking above $4300 per ounce. The metal currently trades at $4330 per ounce, up 0.45% on the day. The metal has been rising after the US Fed decided to lower the target range for the federal funds rate by 25 basis points to 3.50 to 3.75 percent. The yellow metal has zoomed nearly 2% this week and is being well supported amid feeble undertone in the US dollar. Demand is holding up well for Gold despite elevated prices as China's central bank added to its gold reserves for a 13th straight month. Meanwhile, the US Fed has stated that it would imminently start buying short-dated government bonds to help manage market liquidity levels. This is highly positive for Gold and could lift the metal towards fresh record highs. MCX Gold is finding this bullish and a weak INR is pushing the counter up further. MCX Gold futures are trading at Rs 135640 per 10 grams, up 0.64% on the day.
Powered by Capital Market - Live News