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Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities 

"Gold Rallies in Comex Amid US Debt Concerns; Rupee Strength Caps MCX Gains

Gold prices rallied by 1% in the Comex, reaching $3,327 per ounce, as the U.S. Dollar Index slipped below 99.35 and bond yields surged, reflecting rising concerns over the U.S. debt crisis. Increased bond buying by large institutions signals a shift toward safer assets, boosting gold’s appeal on global exchanges.

However, on the MCX, gold remained rangebound as the Indian rupee appreciated sharply by 0.75%, strengthening to 85.25 against the dollar. The stronger rupee offset gains seen in international markets, keeping domestic gold prices in check.

In the coming sessions, gold is expected to trade in a broad range between ?95,000 and ?96,500. Key macroeconomic releases including U.S. Manufacturing and Services PMI data, along with New Home Sales figures, will be closely watched by traders for directional cues amid continued global volatility."

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