Gold prices in India today struggled to push higher, amid a weak global trend. On MCX, August gold futures traded 0.03% higher at ₹34,590 after hitting a new high on Friday. August gold futures had hit ₹35,100 after the government increased import duty on gold to 12.5% from 10%. A fall in global gold prices pushed domestic prices off record highs. Gold prices have eased in global markets after strong US job numbers, released on Friday, eased rate cut expectations from US Federal Reserve.
US bond yields have also recovered while the dollar index has rebounded to near a three-week peak, after investors rolled back expectations for a sharp US rate cut at the end of July. Gold is highly sensitive to interest rates and a lower chance of a cut would increase the opportunity cost of holding the non-interest-bearing bullion.
Crude oil prices rose 1.54 per cent to Rs 4,028 per barrel in futures trade Wednesday as speculators raised their exposure on firm global cues.
On the Multi Commodity Exchange, crude for July delivery went up by Rs 61, or 1.54 per cent, to Rs 4,028 per barrel in a business turnover of 19,688 lots.