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Gold price opened upside in commodity market yesterday

As the US dollar rate eased and market expecting about 25 bps interest rate hike by the US Federal Reserve, gold price opened upside in international and domestic commodity market yesterday

Gold future contract for June 2023 on Multi Commodity Exchange (MCX), opened at ₹60,033 per 10 gm levels and went on to hit intraday high of ₹60,106 levels within few minutes of opening of market.

Gold prices in India and the Indian rupee’s value are dependent on the U.S. dollar’s value in the international market. The gold rate in the market and its relation to the U.S. dollar is inversely proportional. If there is a rise in the U.S. dollar value, gold value decreases and vice versa.

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