Gold Price Are Maximum on MCX Since March 2023

Good news for the investors who had held Gold on MCX as the precious metal registered the highest gain on MCX since March. Today, the yellow metal has immediate support at $1,910 per ounce levels, whereas on MCX, the yellow metal price has support at Rs58800 per 10 gm levels. However, it was almost certain that the price for Gold would register a gain on MCX on Friday due to the escalating tension between Israel and Palestine. The war-riddle situation in the Middle East led the Gold price on MCX (Multi Commodity Exchange) to register an intraday rise of Rs1497 per 10 gm, the maximum since March 13, 2023. We have a lot more to share with you in the following sections. Keep reading this article for more information.

Gold Price

On Friday, October 13, 2023, the gold futures contract for December expiry on MCX ended 2.58 percent higher at Rs59415 per 10 gm levels. In the international market, the spot gold price finished at $1,932.40 per ounce. logging an intraday gain of over 63 dollars per ounce or a 3.41 percent rise on Friday. Talking about the other precious metal Silver, its price also registered a sharp gain in the last session of the week. Reportedly, Silver rates on the Multi Commodity Exchange closed at Rs2294 per kg or 3.32 percent higher at Rs71,367 per kg levels. The silver price closed at 4 percent higher at 22.70 per ounce levels in the global market. Continue reading this article for more details.

Market experts suggested the escalation in the ongoing war between Israel and Palestine resulted in increasing crude oil prices. They also added that the market is currently filled with uncertainty and speculations as the US Dollar also surged and ended at 106.67 levels. Notably, the exchange market experts maintained that the US is likely to intervene in Israel’s war against Hamas which would have a huge impact on the US economy.

The Head of Commodity & Currency at HDFC Securities Anuj Gupta said, “US pro-active support to Israel in the current Israel-Palestine conflict has escalated the tension in the Middle East region. This may lead to more problems as OPEC countries may decide to cut down crude oil production if they decide to lend support to Palestine. This has led to a rise in crude oil price to around $90 per barrel levels again.” This statement from the market expert came after the gold price registered its biggest gain since March 2023.

Amzad Khan
Amzad Khan

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