Mumbai, December 5 (IANS). A rise in the prices of precious metals was recorded after the monetary policy announcement by RBI on Friday trading day on Multi Commodity Exchange (MCX).
At around 11.24 am in the morning trade, February futures prices of gold on MCX rose by 0.24 per cent to Rs 1,30,425 per 10 grams, while March futures prices of silver on MCX rose by 1.90 per cent to Rs 1,81,522 per kg.
Earlier, in early trade ahead of RBI’s monetary policy announcement, February futures prices of gold on MCX were down by 0.14 per cent at Rs 1,29,892 per 10 grams, while March futures prices of silver on MCX were up by 0.74 per cent at Rs 1,79,461 per kg.
Reserve Bank of India Governor Sanjay Malhotra announced the decisions of the Monetary Policy Committee (MPC) meeting at 10 am on Friday. In the results of the three-day MPC meeting, the central bank announced a reduction of 25 basis points in the repo rate, after which the repo rate has come down from 5.50 percent to 5.25 percent. Apart from this, the monetary policy stance has been kept ‘neutral’.
Globally, investors are awaiting US inflation data. These data will play an important role in shaping expectations regarding the next policy move of the US Federal Reserve.
Meanwhile, the Indian currency rupee rose 9 paise to 89.80 per dollar in early trade on Friday. This surge has been seen after a turbulent week in the currency market.
Earlier on Thursday, the rupee closed at 89.89 against the dollar in the Interbank Foreign Exchange market with a rise of 26 paise. The recovery was supported by the US dollar index and possible RBI intervention.
–IANS
SKT/
