Gold Futures Jump on Global Trend

New Delhi, Aug 26 (PTI) Gold prices on Tuesday jumped Rs 342 to Rs 1,00,966 per 10 grams in futures trade in line with firm global trends.

On the Multi Commodity Exchange (MCX), the October contract of the metal traded higher by Rs 342 or 0.34 per cent at Rs 1,00,966 per 10 grams in a business turnover of 13,299 lots.


On the global front, the most-traded December contract of gold on Comex gained USD 6.25 or 0.18 per cent to trade at USD 3,423.75 in New York.

"Gold prices rose on Tuesday to hit a two-week high (in global markets). The jump in yellow metal came after US President Donald Trump fired Federal Reserve Governor Lisa Cook over mortgage fraud accusations," Rahul Kalantri, VP Commodities, Mehta Equities, said.

This caused worry about the Federal Reserve's independence and made investors turn to safe-haven assets. Meanwhile, Fed Chair Jerome Powell also suggested last week that an interest rate cut in the September policy meeting is possible, though inflation is still a concern, Kalantri added.