Moneycontrol PRO
HomeNewsBusinessMarketsGold set for best week in 8 months; US dollar flutters around 2-month low

Gold set for best week in 8 months; US dollar flutters around 2-month low

The dollar fell sharply after US inflation eased more than expected.

November 11, 2022 / 15:32 IST
Representative image
-
Open Trading A/c
-
0 (0%)
Todays L/H
0
0

Gold and silver edged higher on the Multi Commodity Exchange (MCX) on November 11. Gold futures maturing on December 5, 2022, rose Rs 23, or 0.04 percent, to Rs 52,150 per 10 grams on the MCX.

Spot gold added 2.8 percent to $1,754.23 an ounce, a 11-week high, while US gold futures gained 2.5 percent, headed for its best week in eight months. On a month-on month basis, gold was up almost 5 percent.

Silver futures maturing on December 5, 2022, recorded a jump of Rs 19, or 0.03 percent, to Rs 62,044 per kg on the MCX. The weekly trend indicates a gain of more than 4 percent for silver while it gained more than 13 percent monthly.

Platinum gained 5.6 percent to the highest level since March, while palladium rallied 5.7 percent.

The dollar fluttered near a two-month low in the currency market after falling sharply as US inflation eased more than expected. The US CPI inflation grew 7.7 percent in October, its slowest pace in nine months.

The dollar index and dollar index futures were little changed after plummeting 2.2 percent in the prior session to their lowest point since mid-September. Ten-year US Treasury yields fell below 4 percent to an over one-month low.

Data from exchange operator CME showed that an increasing number of US Federal Reserve members are expressing support for smaller rate hikes in the coming months. Market expectations for a 50 basis point (bps) hike by the Fed in December surged to an over 80 percent probability from the previous day’s reading of 56.8 percent.

In the crypto universe, Bitcoin rose over 10 percent to as much as $17,641, recovering after a sharp plunge over two straight sessions to as low as $15,632 on November 9, its lowest level since late 2020. The cryptocurrency plunged as Binance scrapped a plan to acquire smaller rival FTX, which is grappling with a severe liquidity crunch and warned it faces bankruptcy without more capital.

Ethereum or Ether, the second-largest virtual currency, jumped 6.2 percent to $1,249.1, with a market capitalisation of $150.8 billion. Dogecoin climbed 4.6 percent with a market value of $11.3 billion.

Moneycontrol News
first published: Nov 11, 2022 03:32 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advertisement

Crypto Basket
Powered By Mudrex

Bitcoin
Current Price ₹ 10,265,272.50 1D returns -2.35%
Buy Now
Ethereum
Current Price ₹ 368,608.55 1D returns -2.06%
Buy Now
BNB
Current Price ₹ 110,285.50 1D returns 0.58%
Buy Now
Ripple
Current Price ₹ 220.06 1D returns -3.64%
Buy Now
Solana
Current Price ₹ 17,569.30 1D returns -4.33%
Buy Now
USD Coin
Current Price ₹ 94.97 1D returns 0.03%
Buy Now
BTC 50 :: ETH 50
1W returns-10.94%
Invest Now
Crypto Blue Chip - 5
1W returns-11.77%
Invest Now
AI Tracker
1W returns-21.98%
Invest Now
DeFi Tracker
1W returns-23.19%
Invest Now
Web3 Tracker
1W returns-26.30%
Invest Now

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347