Gold Price Rises Marginally, Still Rs 8,800 Down from Record High. Time to Buy?

Gold price in India rose marginally on Tuesday, October 19, tracking global peers. On the Multi-Commodity Exchange (MCX), December gold price rose 0.14 per cent to Rs 47,356 for 10 grams at 1030 hours on October 19. Silver price continued to increase on Tuesday. The precious metal jumped 0.57 per cent to Rs 63,627 on October 19.

In the international market, gold price advanced 1 per cent on Tuesday as weaker dollar and lower U.S. Treasury yields supported prices. Spot gold was up 0.9 per cent at $1,780.90 per ounce by 0854 GMT while US gold futures gained nearly 1 per cent to $1,782.90. US benchmark 10-year Treasury yields also eased, reducing bullion’s opportunity cost.