Global rally driving gold futures on MCX

Mumbai: The price of gold went up on MCX on Wednesday with gold for June 5 delivery traded 0.44 per cent higher at Rs71,652 per 10 grams at around 11:30 a.m.The gold price in the domestic futures market tracked the rally in the global market which saw the price of the yellow metal closing to a record high.

Both gold and silver prices recorded a hike on the Multi Commodity Exchange (MCX) on Wednesday.

Gold futures, maturing on June 5, 2024, stood at Rs71,456 per 10 grams on the MCX, after recording a jump of Rs116 or 0.16 per cent. The previous close was recorded at Rs71,340. Gold prices were hovering near record-high levels of $2,351.94 per ounce in the global market on Wednesday morning trade as big buying by central banks fuelled the rising demand for the precious metal amid escalating geopolitical risks and rising inflation. Indications of a US Fed rate cut have also led to an increase in the demand for gold as financial assets are seen as less attractive by investors.