Gold suffers ₹880/10g loss so far in February

6 Feb 2024 , 12:46 PM

Tuesday saw gold continue to decline as a result of the dollar index’s (DXY) surge to an eight-week high. The market’s expectations of an impending rate decrease by the Federal Reserve bolstering the dollar have been crushed by the better-than-expected US jobs statistics.

The MCX April gold futures were down ₹58 or 0.09% at ₹62,258 per 10 grammes at 9:10 am, following the lead of the world market trends. The March silver contracts were down ₹45 or 0.06% at ₹70,435 a kg.

The Comex saw a $0.50 or 0.02% decrease in gold futures trading at $2,042.40 per troy ounce and an increase of $0.018 or 0.080% in silver futures trading at $22.440 per troy ounce.

The dollar index (DXY) was up 0.08 points, or 0.07%, at 104.38 against a basket of the top six currencies. Over the previous five trading sessions, it has increased by 0.95%.

The March Silver futures concluded at ₹ 70460 on Monday, down barely ₹20 or 0.03%, while the MCX Gold April contract closed flat at ₹62,312, down ₹4 or 0.01%.

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