Gold prices rose today but are still down sharply from last week’s high

Tracking the rise in global rates, gold prices in India rose for the second consecutive day. Gold futures on MCX rose 0.5 percent 52,692 per 10 grams while silver closed up by 0.7%. 62,080 per kg. In international markets, the yellow metal rose to a one-week high on a weak dollar and a fall in US bond yields after minutes of the US Federal Reserve’s November meeting suggested it may soon slow the pace of interest rate hikes. Could Spot silver closed little changed at $21.51 an ounce.

place Sleep It rose 0.4% to $1,756.08 an ounce. In the minutes of the Fed’s November 1-2 policy meeting released on Wednesday, a “substantial majority” of Fed policymakers agreed that it would “soon be appropriate” to slow the pace of interest rate hikes.

Jatin Trivedi, VP Research said, “Gold is trading in a small positive range near 52,650 due to dollar weakness, keeping COMEX gold above $1755 and MCX gold above 52,600. Analyst at LKP Securities,

There was a spurt in gold prices in India 53,200 last week.

The dollar index fell 1% overnight, making bullion less expensive for overseas buyers. US bond yields also fell on investor expectations of a softer path for the Federal Reserve. Higher interest rates and a stronger dollar have weakened gold’s traditional position as a hedge against inflation and other uncertainties this year.

“The US dollar fell after the release of FOMC meeting minutes on Wednesday. As expected, it showed that most policymakers were with a view of slower rate hikes as the Fed’s accommodative stance is weighing on economic growth. However The minutes signaled the end of jumbo rate hikes, but policymakers were unsure on the end point of rate hikes. Smaller rate hikes by the Fed are positive for risk appetite Property Also there is support for safe-haven assets like gold as the dollar weakens, said Ravindra Rao, Head Commodity Research, Kotak Securities Ltd.

Market participants now expect a rate hike of 50 bps at the Fed’s December meeting after the US central bank raised rates by 75 basis-points (bps) for the fourth time in a row earlier this month. (with agency inputs)


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