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June 22, 2024
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Gold and silver prices today: Yellow metal prices trade steady, investors sceptical of early Fed rate cuts


Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 63,000 per 10 grams and hit an intraday low of Rs 62,146. In the international market, prices hovered around $2,033.25 per troy ounce. Meanwhile, silver opened at Rs 72,080 per kg and hit an intraday low of Rs 71,915 on the MCX. The price hovered around $22.97 per troy ounce in the international market. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold price traded steady, retaining most of their losses from the previous week as investors questioned bets on early interest rate cuts by the Federal Reserve.” 

Traders steadily scaled back bets on the Fed trimming interest rates as soon as March 2024, which triggered sharp gains in the dollar. The US CPI data, due later today, is expected to show that inflation inched up slightly in December. 

Sticky inflation, coupled with recent signs of resilience in the labour market, gives the Fed more headroom to keep rates higher for longer, weighing on billions. While the Fed has signalled that it will eventually cut rates in 2024, It has provided scant information on the timing of the cuts. 

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“The central bank has maintained a largely data-driven approach to trimming interest rates. Fed officials were also seen pushing back against expectations for early rate cuts. Atlanta Fed President Ralph Bostic stated that he remained biased towards monetary policy remaining tight in the near term,” said Modi. 

Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said, “Yesterday gold prices closed with a negative note down by 0.29% and closed at  61996 levels. Silver prices corrected by 0.11% and closed at 71969 levels. We have noticed that the dollar index recovered from lower levels after FOMC minutes stated that the time is yet not confirmed when interest rates will start to be cut. We also see thin physical demand for gold & silver in the physical market.” 



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