Gold price today: The rates of gold and silver dropped in the domestic futures market on Monday (November 17) morning amid the dollar’s rise and weak global cues. MCX Gold December futures were 0.21 per cent down at ₹1,23,300 per 10 grams at 9:10 am. MCX Silver December contracts were 0.38 per cent down at ₹1,55,424 per kg at that time.
The dollar index stayed firm, rising by 0.14 per cent, weighing on gold demand and prices. Gold is backed by dollars, so a rise in the US currency makes the yellow metal expensive in overseas currencies, influencing its demand.
The focus now is on the US macro data this week, such as the September nonfarm payrolls report on Thursday. These data prints will shape market perception about the health of the world’s largest economy and expectations for the US Federal Reserve’s upcoming monetary policy decision in December.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
