LOCAL GOLD RALLIES AMID SHARP LOSSES IN INR

Published on Dec 27, 2024 13:22

COMEX Gold futures are steadying around one week high of $2650 per ounce in thin trades though heavy losses in Indian Rupee have boosted the local Gold futures. Indian Rupee has slumped today, adding to recent set of losses as US dollar stayed supported in thin trades overseas while worries over a tepid local economic undertone and falling forex reserves hurt the INR. INR tested a fresh all-time low of 85.74 per US dollar and currently quotes down 38 paise at 85.65 per US dollar. MCX Gold futures spiked above Rs 77000 per 10 grams following this and currently trade at Rs 77130 per 10 grams, up 0.39% on the day following a spike of 0.73% in the last session.