Gold Price: MCX gold surges as Israel-Hamas conflict spark interest for safe haven bets Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices ascended on Tuesday, while Silver rates slipped 0.37%. On the Multi Commodity Exchange, gold October futures were trading at Rs 57695 per gram, up Rs 123, or 0.21%. Silver December futures were trading down Rs 254 at 68840 per kg on the MCX. Gold prices continued to rise on Tuesday, a day after posting sharp gains on increased market uncertainty due to conflict in the Middle East, as dovish remarks from top US Federal Reserve officials weighed on the dollar and bond yields, according to Reuters. Spot gold gained 0.1% to $1,862.80 per ounce, after earlier hitting its highest since Sept. 29. US gold futures climbed 0.7% to $1,876.90. “Fed official Jefferson also mentioned that they need to move more carefully to balance risks of tightening but it is also soon to say if the rates are higher enough or no. Bets for a pause in the November meeting has increased once again to 85%. The economic calendar is fairly muted as no major economic data from the US is scheduled, however, we could see some volatility as the US opens after the Columbus day holiday,” Manav Modi added.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)