MCX Gold News Update

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MCX Gold News Update

As per MCX intraday research Mumbai base company report for :

 Gold hold ground at three-month high

Gold futures gained modestly on Tuesday, a day after settling at a nearly three-month closing high, buoyed by geopolitical uncertainty surrounding President Donald Trump’s administration. A decision in federal court over Trump’s executive order on immigration will have a big impact on gold and U.S. dollar. Demand for safe-haven assets, such as gold, could zoom. Year to date, gold has gained more than 7%, while the U.S. Dollar Index has lost around 1.8% so far this year. But on Tuesday, the dollar index climbed by about 0.5%, helped higher by hawkish comments from the Federal Reserve’s Patrick Harker, who emphasized a March rate hike is possible. Because gold is priced in dollars, it often moves inversely to moves in the greenback. A pause for what had been climbing market interest rates has also been a factor. Lower yields make it less attractive to invest in assets that offer interest, sending more investors to precious metals, which don’t bear interest. The dovish rhetoric from Mr. Trump would keep the pressure on the dollar, which will help gold to regain its mojo. Moreover, French and German elections are going to produce a lot of tailwinds for the gold rally.

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