International gold prices edged higher in early trading on November 2 after falling sharply during the previous week. Spot gold rose around 0.5% to approximately $3,896 per ounce, while US gold futures also recorded a modest gain.
Despite the recovery, bullion remained close to a one-year low as inflation concerns and expectations of a possible US Federal Reserve interest-rate hike weighed on sentiment. In the domestic market, MCX December gold futures were quoted around Rs.1,38,419 per 10 grams in early trading, although prices continued to fluctuate.
Investors are also monitoring geopolitical developments and upcoming US economic data for clues about the direction of gold prices.
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