Home NewsCommodities News gold price today: Gold rate today: Yellow metal extends slide; silver nears Rs 60,000

gold price today: Gold rate today: Yellow metal extends slide; silver nears Rs 60,000

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gold price today: Gold rate today: Yellow metal extends slide; silver nears Rs 60,000


New Delhi: Gold prices fell further on Wednesday as the dollar rose, while investors awaited U.S. inflation data.

The U.S. dollar is hovering near a recent 20-year high, making dollar-denominated bullion less attractive to holders of other currencies. Market participants will be closely watching April US consumer price index (CPI) data due later in the day.

Gold Futures

It was trading down 0.45 percent or 226 rupees at 50,360 rupees per 10 grams. However, silver futures were down around 0.53 percent or 319 rupees at 60,299 rupees a kilogram.

Ravi Singh, vice president and head of research at ShareIndia, said today’s U.S. inflation data will be followed to assess its possible impact on the Fed’s rate hike plans.

“A stronger dollar is also weighing on gold prices, with the Fed’s goal of lowering inflation without damaging the economy being challenged amid uncertainty over the wars in Russia and Ukraine,” he added.

Gold is seen as a hedge against inflation and a safe store of value during political and economic crises, but is highly sensitive to rising U.S. short-term interest rates, which raises the opportunity cost of holding zero-yielding bullion.

Rahul Kalantri, vice president of commodities at Mehta Equities, said gold and silver prices continued to deteriorate even as the dollar and U.S. bond yields eased.

“Gold and silver prices plummeted after Fed members said aggressive rate hikes could be taken to control inflation,” he added. “However, gold prices may rebound from the bottom.”

In the spot market, gold of the highest purity sold at Rs 51,496 per 10 grams on Tuesday, while silver was sold at Rs 61,473 per kilo, according to the Gold and Silver Jewellers Association of India.

Gold spot prices have fallen by more than Rs 1,000 per 10 grams in the past month, while silver prices have fallen by around Rs 6,200/kg over the same period.

Trading strategy “We expect gold prices to trade sideways on the day, with COMEX spot gold support at $1,810 and resistance at $1,850 an ounce.

Gold in June has support at Rs 50,300 per 10 grams and resistance at Rs 50,900 per 10 grams,” said Tapan Patel, senior analyst (commodities) at HDFC Securities.

Spot gold was down 0.3% at $1,832.06 an ounce by 0046 GMT on global markets. U.S. gold futures were down 0.5% at $1,832.10. Gold prices fell for a third straight session, hitting their lowest level since Feb. 11.

Spot silver fell 0.1% to $21.23 an ounce, platinum edged up 0.1% to $964.64 and palladium dipped 1.2% to $2,040.25.

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