Gold Prices Today Weak, Yellow Metal Struggled in Indian Markets

Gold Prices Today: Yellow Metal struggled in Indian markets for third day in a row amid softness in global rates. On MCX, gold prices were up 0.1% to ₹46,464 per 10 gram after a two-day decline.

Silver rates edged 0.2% higher to ₹66,300 per kg. In the previous session, gold had dipped 0.41% while silver had declined 1.3%. After a sharp rise last week, gold has struggled over the past few days amid a rebound in US bond yields.

Gold prices today weak for 3rd day, down ₹10000 from record high, silver up

According to domestic brokerage, MCX gold has support at ₹45,180 an resistance at ₹47,200.

So far this year, gold is down about ₹3,500 year to date. And has corrected about ₹10,000 as compared to last August’s high of ₹56,200.

In global markets, gold prices edged lower today amid hardening US bond yields and firmer dollar. Spot gold fell 0.3% to $1,728.15 per ounce. Higher bond yields increase the opportunity cost of holding assets like gold which pays no interest. Among other precious metals, silver dropped 0.6% to $24.69 while platinum slipped 0.6% to $1,163.57. The US dollar was up 0.1% at 92.240 against a basket of six currencies.

“International gold and silver prices are trading with marginal losses as US Treasury yields and US dollar rebounded from the two-week lows. The Federal Reserve reiterated in its latest policy meeting that interest rates would remain low for some time. Technically, international gold is trading in a marginal sideways and bearish trend,”.

“We may expect gold prices in India to continue to trade in a choppy manner,” he said.

In the US, bond yields rose only slightly after the US Treasury’s auctions of three- and 10-year notes attracted decent demand. Traders will be watching the demand for 30-year bonds in auction later today.

Gold traders will also keep an eye on US inflation data due later today. On Wednesday, Fed Chair Jerome Powell will take part in moderated Q&A session organized by Economic Club of Washington. And on Thursday, US will announce initial jobless claims, industrial production and retail sales data. (With Agency Inputs)

Gold Prices Today Weak, Yellow Metal Struggled in Indian Markets via @goldsilverrepor
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