MCX GOLD RALLIES 1.3% TO RS 145K AHEAD OF DHANTERAS.

Gold futures extended their rally for a second consecutive session on Thursday, climbing back above the psychological $4,000 per ounce mark to a two-week high, as Democratic victories in the US midterm elections strengthened hopes of a potential resolution to the US-Iran conflict. The resulting plunge in crude oil prices, coupled with a weaker US dollar and declining Treasury yields, further boosted bullion`s appeal. The US dollar index slipped to around 101.3, extending the previous session`s losses. On the domestic front, MCX December gold futures rose 1.3% to Rs 1,45,100 per 10 grams. The recent correction in domestic gold prices has also helped revive festive buying interest, with consumers showing greater preference for lightweight jewellery and smaller-ticket purchases ahead of Dhanteras on November 6. Meanwhile, investors are turning their attention to Friday`s US employment report for fresh clues on the Federal Reserve`s policy outlook.