Gold Price- MCX gold surges as Israel-Hamas conflict spark interest for safe haven bets

Gold Price: MCX gold surges as Israel-Hamas conflict spark interest for safe haven bets

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Tuesday, while Silver rates slipped 0.37%. On the Multi Commodity Exchange, gold October futures were trading at Rs 57695 per gram, up Rs 123, or 0.21%. Silver December futures were trading down Rs 254 at 68840 per kg on the MCX.

Gold prices continued to rise on Tuesday, a day after posting sharp gains on increased market uncertainty due to conflict in the Middle East, as dovish remarks from top US Federal Reserve officials weighed on the dollar and bond yields, according to Reuters. Spot gold gained 0.1% to $1,862.80 per ounce, after earlier hitting its highest since Sept. 29. US gold futures climbed 0.7% to $1,876.90.

“Fed official Jefferson also mentioned that they need to move more carefully to balance risks of tightening but it is also soon to say if the rates are higher enough or no. Bets for a pause in the November meeting has increased once again to 85%. The economic calendar is fairly muted as no major economic data from the US is scheduled, however, we could see some volatility as the US opens after the Columbus day holiday,” Manav Modi added.