Gold jumps on mcx as US-India trade deal looms

Gold futures climbed on the Multi-Commodity Exchange on Thursday morning as traders responded to emerging prospects of a trade agreement between India and the United States. MCX Gold December contracts advanced 0.89 percent to reach 1,22,938 rupees per 10 grams, while Silver December futures gained 0.93 percent to settle at 1,46,915 rupees per kilogram. Market specialists anticipated December gold prices would fluctuate between 1,21,500 and 1,23,000 rupees per 10 grams. Foreign institutional investors continued their fifth consecutive buying session on Tuesday by purchasing equities worth 96 crore rupees.

Global gold markets weakened as the dollar strengthened against major currencies while investors awaited critical inflation data from the United States that could shape Federal Reserve interest rate decisions. Spot gold declined 0.2 percent to 4,084.29 dollars per ounce at 3:10 a.m. GMT while U.S. gold futures for December delivery increased 0.9 percent to 4,100.90 dollars per ounce. Analysts noted gold has surged 54 percent year to date and remains on course for its largest annual gain since 1979 after surpassing the 3,000 dollar threshold in March and 4,000 dollars in October.