Home NewsCommodities News Gold rate today: Yellow metal gains marginally; silvers below Rs 55,000

Gold rate today: Yellow metal gains marginally; silvers below Rs 55,000

by WOOWinvest
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Gold rate today: Yellow metal gains marginally; silvers below Rs 55,000


Gold edged higher on Tuesday as the dollar weakened, but upside was limited as investors did not ramp up bets ahead of the Federal Reserve’s rate hike meeting.

Expectations for a rate hike of around 100 basis points surged after annual U.S. consumer prices posted their biggest gain in more than 40 years in June. However, traders pared those bets after recent weak economic data.

Gold Futures

The traded price edged up 0.10 per cent or Rs 50 to Rs 50,586 per 10 grams. However, silver futures were up 0.28% or 153 rupees at 54,560 rupees a kilo.

The dollar fell for a fourth straight session, down 0.2% against other currencies, making gold lower for buyers holding other currencies. Rising interest rates increase the opportunity cost of holding non-yielding bullion.

In the spot market, gold of the highest purity sold at Rs 50,911 per 10 grams on Monday, while silver was sold at Rs 54,727 per kilo, according to the Gold and Silver Jewellers Association of India.

Gold spot prices have risen by around Rs 1,000 per 10 grams over the past two sessions, while silver prices have risen more than Rs 800 per kilo over the same period.

Ravi Singh, vice president and head of research at ShareIndia, said: “Gold players are waiting for the outcome of the Fed to determine the price of gold. The market is now expecting a 75 basis point gain.”

More aggressive moves could support the dollar and weigh on gold, he said, adding that persistent high inflation and growth concerns would support gold prices, giving it room to rise in the near term.

Share India’s Trading Strategy Singh recommends buying gold above Rs 50,650 with a target price of Rs 50,900, while they can sell gold below Rs 50,350 with a target price of Rs 50,000.

Spot gold on global markets rose 0.3 percent to $1,724.45 an ounce. U.S. gold futures rose 0.3 percent to $1,723.60 an ounce.

Elsewhere, spot silver was up 0.6% at $18.52 an ounce, platinum was up 0.8% at $886 and palladium was steady at $2,009.

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

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