Gold prices are highly volatile and for some time now are trading or moving in a range. In trade on Tuesday, gold futures on the MCX for August delivery are up by 0.55% or Rs. 261 at Rs. 47,560 per 10gm. Silver futures also traded higher above Rs. 70,000 per kg.
In trade today, gold prices have seen a surge on account of the weakening in the US dollar. As of writing this copy, dollar index went down by 0.11 percent to 92.11. Meanwhile, investors await an important Fed minutes due to be released tomorrow (Wednesday). Also, subsequently, the Reserve Bank of Australia shall also announce its monetary policy decision today. In the international markets gold futures surged 0.8% to $1797.65 by 11:34 PM ET (3:34 AM GMT) after hitting its highest since June at $1,794.86 on Friday.
The US markets including the bullion remained shut on Monday due to observation of a holiday which fell over the weekend.
Stocks across the globe have been trading close to record highs boosted by the jobs data released in the US and European data.
Back home, in India gold has been selling at a premium after the curbs due to second wave are being lifted and there is seen resilience in the demand for gold as rates have fallen sharply from record highs.