Gold prices rise 1.4% this week on MCX despite US Fed's dovish signals

Gold prices on the Multi Commodity Exchange (MCX) rose 1.4% this week, reaching ₹78,400 per 10 grams. This marks the third consecutive week of gains, despite the US Federal Reserve's slower rate cut signals and persistent inflation. The increase is attributed to a weaker Indian Rupee against the US dollar and uncertainties surrounding the upcoming inauguration of US President-elect Donald Trump. Experts suggest that gold prices may remain in a range of ₹76,000 to ₹78,800. Concerns about potential import duty increases on gold in India's upcoming budget may also impact prices. The immediate support for gold is seen at ₹77,700, with resistance at ₹78,800.