Home NewsCommodities News gold price today: Gold rate today: Yellow metal trades flat; silver marches towards Rs 56,000

gold price today: Gold rate today: Yellow metal trades flat; silver marches towards Rs 56,000

by WOOWinvest
0 comment
gold price today: Gold rate today: Yellow metal trades flat; silver marches towards Rs 56,000


NEW DELHI: Gold prices were almost flat on Wednesday as a weaker dollar was offset by fears of a rate hike by the Federal Reserve next week.

Gold has failed to take full advantage of the dollar’s pullback, with demand for the metal subdued amid the prospect of aggressive monetary policy and rising U.S. bond yields.

Gold Futures

The trading price was only up about 0.05% or 23 rupees to 50,343 rupees per 10 grams. However, silver futures were trading up 0.18 percent or 102 rupees at 55,829 rupees a kilo.

Comex gold prices were flat on disappointing macroeconomic data from the U.S., ICICIDirect said. Meanwhile, a weaker U.S. dollar index supported gold prices lower.

“However, rising risk appetite in the U.S. market and rising U.S. 10-year Treasury yields weighed on gold prices,” it added.

In the spot market, gold of the highest purity sold at Rs 50,678 per 10 grams on Tuesday, while silver was sold at Rs 55,563 per kilo, according to the Gold and Silver Jewellers Association of India.

Gold spot prices have fallen by more than Rs 1,550 per 10 grams in the past two weeks, while silver has lost around Rs 2,500/kg in just one session.

Ravi Singh, vice president and head of research at ShareIndia, said a weaker dollar last week limited selling pressure on gold prices. He expects gold to remain sideways until some new triggers push prices higher.

“However, euro-dollar weakness suggests that the ECB is more reluctant to raise rates on fears that raising rates could lead to a deeper recession,” he added.

Trading strategy “We expect gold to trade sideways on the day with COMEX spot gold support at $1,700 and resistance at $1,720 an ounce. MCX gold August support at Rs 50,100 and resistance at Rs 50,600 per 10 grams,” Tapan Said Patel, Senior Analyst (Commodities),

securities.

Spot gold on global markets was flat at $1,711.00 an ounce. U.S. gold futures were down 0.1 percent at $1,708.80.

Spot silver was up 0.2% at $18.77 an ounce, platinum was up 0.5% at $879.02 and palladium was up 1% at $1,895.17.

(Disclaimer: Advice, advice, views and opinions given by the experts are their own and do not represent the views of The Economic Times)

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy