Due to strong demand in the spot market on the auspicious festival of Dhanteras, gold prices increased in the local futures market Tuesday morning.
Current gold rate: Due to strong demand in the spot market on the auspicious festival of Dhanteras, gold prices increased in the local futures market Tuesday morning. Gains for the yellow metal were, however, limited by the dollar's increase and prudence ahead of this week's important US macro data.
Around 9:20 a.m., MCX Gold for December 5 expiry was up 0.30 percent at ₹78,800 per 10 grams. The US dollar was expected to gain 3.5% versus a basket of currencies on Tuesday, setting it up for its best month in two and a half years, according to a Reuters report.
Due to gold's global dollar pricing, its increase devalues the yellow metal in other currencies and reduces demand. Later in the day, investors will look at important US macro data, such as October consumer confidence data and September job openings.
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