51.22 F
April 18, 2024
PI Global Investments
Precious Metals

Gold and silver prices today: Yellow metal rises amid soft dollar

Gold prices opened on the Multi Commodity Exchange (MCX) on Tuesday at Rs 61,994 per 10 grams and hit an intraday low of Rs 61,939. In the international market, prices hovered around $2,024.25 per troy ounce. 

Meanwhile, silver opened at Rs 71,106 per kg and hit an intraday low of Rs 70,956 on the MCX. The price hovered around $22.38 per troy ounce in the international market. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices advanced, tracking mild weakness in the dollar as market participants took a cautious approach before a slew of key US economic readings this week, although the prospect of higher-for-longer US interest rates still kept gains subdued. Signs of sticky US inflation and labour market strength, coupled with hawkish warnings from Fed officials, capped gains for metals.” 

The dollar index and US 10-year yields are also holding steady near 103.50 and 4.1%, respectively. Fed officials last week said the US central bank needs more inflation data before any rate cut judgement can be made and that the baseline for cuts to start was in the third quarter. 

Also read: India’s ETF market has jumped to Rs 6.5 lakh crore, grabbing 13% of mutual funds, says NAM India’s Arun Sundaresan

Also read: Indel Money to offer NCD yielding 12.25% for 6 years; subscription open till January 30

Also read: Budget 2024-25: Here is what experts expect for the insurance sector

Gold also witnessed some rebound from its 2024 lows, as worsening geopolitical conditions in the Middle East spurred safe-haven buying. 

Modi said, “Markets are pricing in the U.S. central bank to hold rates unchanged at the end of the policy meeting on Jan. 30-31 and have pared back the timing of the first interest rate cut, according to CME’s FedWatch Tool. Focus this week will be on the preliminary PMI data from major economies fourth-quarter advance GDP estimates and personal consumption expenditures data.” 

Source link

Related posts

Gold prices off lows but gains are capped by Fed uncertainty, high yields and USD strength – FX Leaders’ Butt


Silver Bullion Partners With World Platinum Investment


Pandora shifts to recycled silver and gold


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.