Gold prices and silver prices relaxed in the Indian markets today, taking a respite after the most recent uptrend. On the Multi Commodity Exchange of India Ltd. (MCX), gold futures slipped 0.3% to INR 48,055 (USD 641.35) per 10 grams after surging to a two-month high of INR 48,280 (USD 644.36). Silver futures slipped 0.6% to INR 65,700 (USD 876.85) per kilogram.
Gold prices and Silver prices slump
In worldwide markets, gold prices slipped today, as the dollar stabilized and investors waited for chief central bank meetings for estimations about rate surges amidst increasing inflation challenges. The price at which gold may be bought and sold right now slipped 0.3% to USD 1,802.00 per ounce whilst the price at which silver may be purchased and sold right now slipped 1% to USD 24.31 per ounce.
Senior Analyst for Commodities at the HDFC Securities, Tapan Patel, stated that gold prices traded underneath pressure today, upon surge in US bond yields and the stabilization of the dollar. Patel indicated that the dollar index surged after China changed its policy towards growth whilst investors were waiting for the results from ECB policy and Bank of Japan meetings. Patel stated that it was estimated that gold prices would trade oblique to slip with COMEX spot gold resistance at USD 1,810 per ounce and take support at USD 1,785 per ounce. MCX Gold December support zone rests at INR 47,900 (USD 639.28) and the resistance zone rests at INR 48,400 (USD 645.96) per 10 grams, Patel stated.
Amongst the remaining precious metals, palladium slipped 0.6% lower to USD 2,038.95 and platinum inched 1.1% lower to USD 1,045.60. Today, the dollar rose higher against a plethora of currencies after a recent setback, making gold and silver bars and ingots more opulent for other currency holders.
The United States Fed’s policy meeting is set to take place next week whilst the European Central Bank and the Bank of Japan are planning to hold fiscal policy meetings later this week.
Analysts stated that a setback in the US dollar or a dovish Fed could lift. Jermone Powell recently stated that the United States central bank must begin the procedure of minimizing its support of the economy by reducing its asset purchases, but should not hamper with the interest rate dial.