gold price today: Gold rate today: Yellow metal trades flat; silver tops Rs 62,000


NEW DELHI: Gold prices were trading flat as rising bond yields kept the demand for the yellow metal in check.

The bullion was muted ahead of the key US jobs and inflation data this week that could influence the Federal Reserve’s rate-hike roadmap for fighting inflation. US weekly initial jobless claims data is due later in the day.

Gold futures on

were trading flat, with a marginal gain of 0.07 per cent or Rs 34 at Rs 51,085 per 10 grams. However, silver futures jumped 0.18 per cent or Rs 109 to Rs 62,135 per kg.

Bullion is often seen as an inflation hedge.

Rahul Kalantri, VP Commodities, Mehta Equities said gold prices are benefitting from the bullish elements of higher crude oil prices and a wobbly US stock market.

“For gold and silver, it’s all about the US inflation data on Friday and the Fed next week,” he added. “Any surprises in the inflation data could shake things up in the markets and see the yellow metal break the recent range.”

In the spot market, the highest purity gold was sold at Rs 51,038 per 10 grams while silver was priced at Rs 61,685 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.

The spot prices of gold have gained about Rs 500 per 10 grams in the last one week, whereas silver has jumped close to Rs 1,900 per kg in the same period under review.

Ravi Singh, Vice President and Head of Research, ShareIndia said, “Gold prices are slowly pulling upwards amid high inflationary pressure, geopolitical tensions relating to North Korea and global growth worries.”

The consolidation in gold may continue unless there are fresh triggers, however, gains in the US dollar and continuing Fed tightening expectations may keep pressure on prices, he added.

Trading Strategy

“We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,840 and resistance at $1,870 per ounce. MCX Gold Aug support lies at Rs 50,800 and resistance at Rs 51,300 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities),

Securities.

Global markets

Spot gold was unchanged at $1,853.24 per ounce, as of 0303 GMT, while US gold futures eased 0.1 per cent to $1,854.70.

Spot silver rose 0.2 per cent to $22.07 per ounce, while platinum fell 0.3 per cent to $1,003.46. Palladium rose 0.9 per cent to $1,960.94, after hitting a near three-week low of $1,930.28 on Wednesday.



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