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Gold rate sees sharp upside movement

On account of falling US dollar rates and rise in the domestic demand, gold rate witnessed sharp upside movement yesterday- May 10.Gold future contract on the Multi Commodity Exchange (MCX) for June 2024 expiry opened higher at ₹71,730 per 10 gm and touched an intraday high of ₹72,888 per 10 gm, logging an intraday rise of around ₹1,200 per 10 gm on the auspicious day of Akshaya Tritiya.

In the international market, COMEX gold price has risen to the tune of $39 per troy ounce to $2,379 mark wheras spot gold price is oscillating around $2,3 per ounce level. According to the commodity market experts, gold price today is in uptrend due to the fall in the US dollar prices.

Speaking on the reason for rise in gold rates today, Anuj Gupta, Head of Commodity & Currency said, "Gold price is rising today as the US dollar price has come under pressure as the Central Bank of England has decided to keep interest rates unchanged. As the market was expecting a rise in interest rates, profit-booking has triggered in the currency market leading to rise in the gold prices."

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