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As on : 29-Oct-2024
Other Markets - Bullion Markets
29-Oct-2024     14:59

Gold soars globally, sparkling festive demand in India drives MCX gains

Gold soared above $2770 per ounce internationally on Tuesday, approaching all-time highs as strong Diwali demand continued to buoy domestic interest, pushing MCX December bullion futures up nearly Rs 300 to Rs 78,863 per 10 grams. The festive season in India, a time of peak gold buying, has strengthened domestic prices further, with high demand reinforcing gold's safe-haven appeal amid elevated global rates. Internationally, markets are on edge ahead of crucial U.S. data on PCE inflation, Q3 GDP, and payrolls, which may influence the Fed's upcoming rate decision. Lower rates would enhance the appeal of non-interest-bearing assets like gold, aligning global momentum with India's festive boost to gold buying.

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