Gold prices were down marginally at ₹65,566 per 10 grams taking the cue from the weak trend in the global markets. Opening weak at ₹65,615 against ₹65,646, gold prices on Tuesday fell by ₹80 after hitting a new high on Monday, according to data available with the Indian Bullion and Jewellers Association. If the ongoing disinflationary trend continues, it might add to rate cut bets and boost gold prices, he added. Rahul Kalantri, VP Commodities, Mehta Equities, said hopes for a Federal Reserve rate cut bolstered gold and silver, pushing gold to trade at record highs. Hedge funds have notably increased their long positions in gold to unprecedented levels, he said.

Source: The Hindu March 12, 2024 19:45 UTC