Domestic gold prices jump to a lifetime high

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market on Wednesday, crossing the ₹61,000 mark per 10 grams. Prices on the COMEX rose to a 13-month high, while the June futures contract of gold touched a lifetime high of ₹61,181 on MCX Wednesday.

Prospects of the US Federal Reserve taking a more dovish stance, and perhaps, even reducing interest rates by the end of the year, weighed on the dollar, boosting gold prices in the international market.

₹61,000 Domestic Gold Prices Make New Record

“US ISM Manufacturing PMI released on Monday pointed to a fifth straight month of contraction in factory activity, in a sign that tighter credit conditions are already hurting the economy,” said Ravindra V Rao, the head of commodity research at Kotak Securities.
“We expect gold prices to trade with a positive momentum, amid deteriorating macro cues,” Rao said. Among others, gold prices are likely to take further cues from the US ISM non-manufacturing data for March, analysts said.

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