Gold prices today dive over ₹1500 per 10 gram, silver rates crash ₹3500

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Rajendra Choudharyhttps://livetimesnews.com
Rajendra Choudhary is The Founder & CEO of Live Times Media Pvt. Since 2019 He Started his Digital Journey and Built a Victory in The Media and Education Industry with over 5 Websites and Blogs.

Gold prices today and silver prices declined in the Indian markets today in view of the overnight fall in global rates. On MCX, gold futures were down nearly 3% at 46,880 per 10 grams, while silver was down over 5% at 67,690.

  • Gold rates slumped after Federal Reserve signalled it might raise interest rates sooner than expected
  • Optimistic global economic sentiment is also weighing on gold

Gold prices today

Gold prices today dive over ₹1500 per 10 gram, silver rates crash ₹3500
Gold prices today dive over ₹1500 per 10 gram, silver rates crash ₹3500

In global markets, gold was down more than 2%, after the previous day’s 2.5% fall after the US Federal Reserve signaled it could raise interest rates sooner than expected. Hawkish comments from Fed officials pushed the dollar to a two-month high, while 10-year US Treasury yields jumped, weighing on the precious metal.

Gold Spot PricesTodayChange
Gold Prices Per Ounce$1,870.00-11.00
Gold Prices Per Gram$60.12-0.35
Gold Prices Per Kilo$60,120.50-353.65

Overnight, Fed chairman Jerome Powell said any changes to its bond-buying program are some way off but conditions have improved enough to start discussing when to slow bond purchases. The Fed is buying $120 billion a month to inject money into financial markets and keep longer-term interest rates low.

Gold prices today dive over ₹1500 per 10 gram, silver rates crash ₹3500
Gold prices today dive over ₹1500 per 10 gram, silver rates crash ₹3500

“We are expecting that in a short term gold and silver may trade lower and safe haven demand may fade out. We believe that gold may test $1800 to $1780 levels soon and silver may test $26 to $26.50 soon, said Anuj Gupta, Vice President — Currency & Commodity Trade at IIFL Securities.

Although gold is seen as a hedge against inflation, an increase in rates from the Fed may reduce the appeal of bullion. Higher interest rates increase the opportunity cost of holding gold.

However, in Asian trade today, gold prices partially reversed their previous day’s losses as investors took advantage of the sharp fall. Spot gold fell 2.2% to $1,772.53 an ounce. Among other precious metals, silver was down 4.2% at $25.83 an ounce.

Harish V, Head of Commodities Research, Geojit Financial Services, said: “The sharp recovery in the US dollar following the US Federal Reserve keeping its rates close to zero and forecasting two rate hikes by the end of 2023 has dampened the gold sentiment. Given that optimistic global economic sentiment and riskier asset performance are also weighing on investor interest in the yellow metal. Prices are likely to correct further as long as it stays below the $1845 support. Anyway, the next big downside is Hurdle is seen at $1755. A close above $1915 is needed for prices to negate a short-term bearish end.”

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