The dollar started to climb again after Federal Reserve officials reiterated the US central bank’s resolve to maintain aggressive policy to tackle soaring inflation.
Gold futures on
were trading down 0.20% or Rs 98 to Rs 49,221 per 10 grams. Silver futures were trading sharply lower by 0.77% or 429 rupees to 54,950 rupees per kg.
barley price
The Fed will raise its key interest rate to a much higher high than expected two weeks ago and the risks are skewed towards an even higher terminal rate, according to economists polled by Reuters.
Gold is seen as a hedge against inflation and economic uncertainty, but rate hikes have dented the appeal of non-performing bullion and pushed the dollar to multi-year highs.
Pritam Patnaik, Head – Commodities, Axis Securities expects gold markets to remain under pressure in the short to medium term. “Central bankers are united in their fight against inflation and are ready to do whatever is necessary to ensure the same, which clearly points to higher rates,” he added.
Gold premiums in top consumer China climbed last week, helped by strong demand for bullion, while prices in India traded at a discount for the first time in four weeks due to a rise. domestic rates.
In the spot market, the highest purity gold was sold at Rs 49,529 per 10 grams while silver was priced at Rs 55,391 per kg on Tuesday, according to the Indian Bullion and Jewelers Association.
Spot gold prices have plunged nearly Rs 1,150 per 10 grams over the past two weeks, while silver has plunged around Rs 1,900 per kg over almost the same period under review .
Ravi Singh, VP and Head of Research at ShareIndia, said gold’s trend is likely to remain bearish to sideways until a major trigger pushes prices higher.
“Stronger dollar and treasury yields are continually putting pressure on gold prices. gold,” he added to avoid long positions in bullion at this stage.
Global Markets
Spot gold was down 0.3% at $1,624.81 an ounce by 0132 GMT. US gold futures fell 0.2% to $1,632.4.
Spot silver fell 0.9% to $18.26 an ounce, platinum fell 0.5% to $844.21 and palladium lost 1.4% to $2,058.44 .
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The dollar started to climb again after Federal Reserve officials reiterated the US central bank’s resolve to maintain aggressive policy to tackle soaring inflation.
Gold futures on
were trading down 0.20% or Rs 98 to Rs 49,221 per 10 grams. Silver futures were trading sharply lower by 0.77% or 429 rupees to 54,950 rupees per kg.
barley price
The Fed will raise its key interest rate to a much higher high than expected two weeks ago and the risks are skewed towards an even higher terminal rate, according to economists polled by Reuters.
Gold is seen as a hedge against inflation and economic uncertainty, but rate hikes have dented the appeal of non-performing bullion and pushed the dollar to multi-year highs.
Pritam Patnaik, Head – Commodities, Axis Securities expects gold markets to remain under pressure in the short to medium term. “Central bankers are united in their fight against inflation and are ready to do whatever is necessary to ensure the same, which clearly points to higher rates,” he added.
Gold premiums in top consumer China climbed last week, helped by strong demand for bullion, while prices in India traded at a discount for the first time in four weeks due to a rise. domestic rates.
In the spot market, the highest purity gold was sold at Rs 49,529 per 10 grams while silver was priced at Rs 55,391 per kg on Tuesday, according to the Indian Bullion and Jewelers Association.
Spot gold prices have plunged nearly Rs 1,150 per 10 grams over the past two weeks, while silver has plunged around Rs 1,900 per kg over almost the same period under review .
Ravi Singh, VP and Head of Research at ShareIndia, said gold’s trend is likely to remain bearish to sideways until a major trigger pushes prices higher.
“Stronger dollar and treasury yields are continually putting pressure on gold prices. gold,” he added to avoid long positions in bullion at this stage.
Global Markets
Spot gold was down 0.3% at $1,624.81 an ounce by 0132 GMT. US gold futures fell 0.2% to $1,632.4.
Spot silver fell 0.9% to $18.26 an ounce, platinum fell 0.5% to $844.21 and palladium lost 1.4% to $2,058.44 .
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)