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Gold's bull run to continue amid US dollar dip

The last few days has been buzzing with excitement regarding the gold prices which have touched an all time high during the last six months. Though the price of 10 grams of gold varied across different cities in India, the average cost was around Rs 62,000.

“Marking an all time on domestic front, and close to seven month high on COMEX, the gold posted 2.5 per cent gains in November. There were some updates regarding Israel and Hamas agreeing to a limited cease-fire and free a few hostages, however there were no official statements regarding an end in their dispute giving limited jerks to the market.” said Manav Modi, Analyst, Commodity and Currency, Motilal Oswal Financial Services Limited (MOSFL).

“Dollar index last month was down by more than 3.5 per cent while US 10-year treasury yield fell from a 16-year high of 5 per cent to 4.2 per cent mark. Recent economic data points also supported the rally for gold and silver. Existing home sales, core durables goods orders data, US preliminary manufacturing and services PMI were released lower than estimates, supporting an up-move in gold and silver prices. Preliminary PMI data from the UK and EU were also reported slightly higher weighing on dollar index,” added Manav Modi.

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