Today’s gold and silver rates are muted because to Federal Reserve pause bets
Commodity Market Updates: Amid RBI monetary policy wagers on a rate halt, the gold and silver rate on Tuesday’s trading is considered as lukewarm.
Despite significant bets that the Reserve Bank of India (RBI), which will convene from June 6–8, 2023, would stop rising interest rates, the price of gold started sideways today. With a higher opening price of Rs. 59,869 per 10 gm, the price of gold on the MCX today rapidly dropped due to profit-taking and touched an intraday low of Rs. 59,813 levels. On the global market, the price of gold was at $1,959 and fell by 0.10 percent throughout the day.
The price of silver on the MCX today began to decline shortly after the bell rang for the opening of the commodities market, starting out lower at Rs. 71,971 per kg before falling to an intraday low of Rs. 71,951. On the international market, the price of silver fluctuates at $23.57 per ounce, with an intraday gain of around 0.25 percent.
The price of silver on the MCX today began to decline shortly after the bell rang for the opening of the commodities market, starting out lower at Rs. 71,971 per kg before falling to an intraday low of Rs. 71,951. On the international market, the price of silver fluctuates at $23.57 per ounce, with an intraday gain of around 0.25 percent.
A retracement of gold prices from record highs has been observed, according to Navneet Damani, Senior VP – Commodity Research at Motilal Oswal. “Gold prices edged lower on the back of positive economic data points, higher US Dollar and Yields, offsetting support from the prospects that the Federal Reserve would pause its rate hikes this month,” he said. Safe-haven assets are suffering due to the US 10Y yield’s persistence at approximately 3.7%, and the dollar index was seen closing above the 104 level in the previous session. The US employment market is remains tight despite the JOLTS, ADP private payroll, and non-farm data all coming in better than anticipated.
Due to growing domestic costs, Indian consumers held off buying physical gold last week, however top customers’ premiums were supported by a depreciating Chinese yuan.