New Delhi, Gold futures on the MCX dipped close to 1 per cent on Thursday from record high in the previous session due to profit booking, amid easing geopolitical tensions and strengthening of dollar.<\/p>\n\n\n\n
Fears of a US EU trade conflict moderated after US President Donald Trump softened his tone on acquisition of Greenland.<\/p>\n\n\n\n
MCX gold February futures dipped 0.78 per cent to Rs 1,51,665 per 10 grams. Meanwhile MCX silver March futures dipped 0.62 per cent to Rs 3,16,509 per kg.<\/p>\n\n\n\n
Gold rates also dropped in the international futures market, with US gold futures consolidating near $4,790\u2013$4,800 per troy ounce, after registering a fresh record high above $4,887 earlier in the week on COMEX.<\/p>\n\n\n\n
The current dip reflects healthy profit-booking amid easing tariff fears, but the broader uptrend remains powerful, analysts said.<\/p>\n\n\n\n
Open interest data in the futures market showed a decline in ‘OI level’, currently at 9870 lots, with price showing upside momentum. According to Aamir Makda, Commodity and Currency Analyst at Choice Broking, this trend indicated a long unwinding by traders, with no addition in long positions.<\/p>\n\n\n\n
Meanwhile, COMEX silver traded firm near $92\u2013$93 after recently touching record highs above $95.80.<\/p>\n\n\n\n
Analysts said that robust industrial demand in sectors such as solar, EVs, AI, electronics and safe-haven flows amid tightening global supply powers the rally.<\/p>\n\n\n\n
US dollar traded in a stable tone after Trump informed that tariffs won’t be imposed on European countries over Greenland.<\/p>\n\n\n\n
The dollar index rose to 98.81, making gold slightly expensive for overseas buyers.<\/p>\n\n\n\n
At the World Economic Forum in Davos, Trump said that force would not be used to acquire the Arctic island, adding that he had \u201cformed the framework of a future deal with respect to Greenland,\u201d with NATO Secretary General Mark Rutte.<\/p>\n\n\n\n
Investors also focus on upcoming cues from November Personal Consumption Expenditures (PCE) data, the Fed’s preferred inflation gauge, and weekly jobless claims, both due later in the day.<\/p>\n\n\n\n
Most market participants expect the US Federal Reserve to maintain interest rates unchanged at its January 27-28 meeting. However, two more cuts are expected later in the year.<\/p>\n","protected":false},"excerpt":{"rendered":"
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