From The Hindu
Center-Left Owned by Kasturi & Sons Ltd.Gold shines as dollar slips to 5-week low, investors await U.S. midterm election results
What's behind this
Gold prices rose on Wednesday, with the December futures contract on the Multi Commodity Exchange climbing by `510, or about 0.37%, to `1,39,962 per 10 grams, reflecting firm spot demand and fresh positions taken by speculators. While the price increase follows a recent dip that has been noted during the Dhanteras shopping period, gold remains a staple in festive purchases. However, younger shoppers are increasingly opting for lighter jewellery, diamonds and silver alongside traditional gold pieces, emphasizing design and wearability.
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A weaker dollar makes dollar-denominated assets like gold less expensive for consumers of other currencies, boosting demand for the yellow metal
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A weaker dollar makes dollar-denominated assets like gold less expensive for consumers of other currencies, boosting demand for the yellow metal
