Gold Rate Update : Gold prices rose slightly on Thursday in the international market as the US dollar slipped below a four-month high. Amid growing uncertainty about the US government shutdown and fears of a US government shutdown, investors turned to gold as a safe-haven investment.
Spot gold rose 0.1% to $3,986.23 per ounce by 0427 GMT. However, it has fallen nearly 9% since reaching a record high of $4,381.21 per ounce on October 20. Meanwhile, gold futures for December delivery rose 0.1% to $3,994.60 per ounce.
The business world also witnessed turmoil. US Supreme Court justices have questioned the legality of the sweeping tariffs imposed by President Donald Trump, which are expected to impact global trade and economic balance.
Among other precious metals, silver rose 0.3% to $48.22 per ounce, platinum fell 0.7% to $1,550.91, while palladium gained 0.2% to $1,422.23 per ounce.In the currency market, the dollar declined slightly from recent highs. Investors’ interest in riskier assets has weakened its dominance slightly.
The dollar held steady against the euro at 1.1505, after reaching a three-month high of 1.1469 on Tuesday.The pound sterling held steady at $1.3065, slightly above the previous session’s seven-month low of $1.3011. Markets are anticipating the Bank of England easing interest rates, especially after UK Finance Minister Rachel Reeves hinted at a possible tax hike.
The Indian stock market also exhibited a cautious tone. The Nifty Media and Metal sectors saw the biggest declines, while Energy, Healthcare, and Realty also saw weakness. However, modest gains in Auto, FMCG, IT, and Oil & Gas stocks provided limited support to the market.In the currency market, the Indian Rupee strengthened by 13 paise to 88.57 per dollar in early trade.
According to analysts, the rupee was supported by the Reserve Bank of India’s efforts to maintain currency stability and strength in Asian currencies. According to one-month non-deliverable forwards (NDFs), the rupee is expected to open in the range of 88.60 to 88.62 per dollar. Domestic markets were closed on Wednesday due to the Diwali holiday.–
