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Gold price extends rally as US dollar index slips in two digits

Extending the bull run for fourth straight session, gold price today opened higher across global market. Gold future contract on Multi Commodity Exchange (MCX) opened at ₹59,264 per 10 gm and went on to hit intraday high of ₹59,308 levels within few minutes of commodity market's opening bell today. In international market, gold price today is oscillating around $1,960 per ounce levels.

On why gold and silver prices are rising, Amit Sajeja, Vice President — Research at Motilal Oswal said, “Gold prices are continuously rising due to ease in the US inflation putting end to the speculations about US Fed rate hike. On Wednesday, US CPI data was released in which the US inflation hit two year low. This has led to depreciation in the US dollar index and the US dollar hit 15-month low.

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