MCX COMMODITY WATCH: As the US dollar index cut its intraday gains, gold rates today opened higher on the local market and continued to increase their morning gains. 

After a few hours of the commodity market opening, the April 2023 gold futures contract on the Multi Commodity Exchange (MCX) reached an intraday high of Rs. 56,920. After hitting an intraday low of USD 1,857, the price of gold in the international market also increased to USD 1,866 per ounce levels.

Gold rates today extended its morning gains as US dollar rates have retraced after opening positive today, said Commodoity market analysts.

he dollar index is currently in the red, trading at 103.507, down 0.03 percent from Friday's closing. As US CPI data is expected this week and the market anticipates negative news on the inflation front in this data, experts indicated that the US dollar price has retreated after recovering from 10-month lows. 

This has caused weakness in the US dollar price. According to them, the price of gold is anticipated to stay within a range of Rs. 56,350 to Rs. 57,100 per 10 gm in the domestic market, while its range in the international market is anticipated to stay between USD 1,835 and USD 1,890 per ounce till US CPI data is made public.

As the US dollar commenced trading well ahead of the US consumer inflation report, gold prices today dropped during early dealings in the international market. The dollar index started out strongly before rising 0.20 percent from its previous close to reach 103.677 levels.

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