Breaking News: The price of gold has climbed to a $2000 peak regarding the Israel-Hamas war. The gold prices are soaring with the strong US dollar and the rising United States treasury yields because the market is currently more concerned about the global uncertainties that have been caused by the Israel-Hamas war. Currently, the gold price hit on $2,000 level on 27th October 2023, Friday and then it closed at 2,006 per ounce level. It has been expected that the future of gold contracts on the Multi Commodity Exchange (MCX) for the December 2023 expiry will surge at 308 per gm and then end up at 61,260 levels on 27th October 2023. Read the entire article to know everything regarding the jump in gold prices.
According to the source, the gold and silver prices are currently rising despite the strong US dollars and the rising treasury yields. On 27th October 2023, Friday, the 10-year US bond yield ended u[p at 4.845 levels whereas on the other hand, the US dollar index ended at 106.58 levels. Sources have revealed that the silver prices on the MCX have achieved in gaining at 222 per kg yesterday and then it ended up at 71,803 per kg levels.
The silver rates in the international market have ended at $23.09 per ounce levels. It has happened because the market is currently focused on the Israel and Hamas war. The price of gold is going at a peak. Sources have revealed that the prices of gold are rising because of the uncertainty in the international market which was created by the Israel and Hamas war as it has impacted the global economic conditions. as it is followed by the US dollar. And it is expected that the price might rise more in the upcoming days. Maybe the price of gold will keep in the range of $2,000 levels.
We can expect a gold price rally in the domestic market because of the festive demand. As now the festive and wedding season is ongoing the price might be dynamics to the little to no hindrance for the gold buyers in India. On the MCX the gold prices are going to support placed at the 60,800 to 60,750 per 10 gm levels and the crucial support placed at 60,200 levels. And maybe the gold prices might go up to the 62,200 level if it breaches the current resistance which is placed at 61,500 per 10 gm levels. More details are to be shared very soon till then stay tuned with techballad.