Gold remained stable in the Indian markets today amid flat global rates. Gold futures rose 0.15% on MCX 48,000 per 10 grams while silver futures rose 0.24% 61665 per kg. In the previous session gold was up 1% or . had climbed 550 per 10 grams while silver 0.73% or . had risen 444 per kg.
In global markets, gold was steady at $1,783.91 an ounce, while cases of Omicron rose across the globe. Investors weigh the possibility of the Fed to accelerate the tapering of their asset purchases when they meet later this month. US employment data released on Friday showed a significantly slowing down in November, but the unemployment rate fell to a 21-month low of 4.2%.
Lower incentives and higher interest rates boost government bond yields, increasing the opportunity cost of non-interest bearing gold. The dollar index rose 0.1%, raising the price of gold for buyers holding other currencies.
Among other precious metals, spot silver rose 0.3% to $22.57 an ounce, while platinum rose 0.8% to $939.78.
“Gold prices were up nearly $20 from their lows on Friday following some tightening in the job market and fears of a spike in the new virus in employment data. However, gains were limited on the upside as Fed officials maintained their flamboyant tone. Going forward for the week, $1789-$1815 will continue to provide upward resistance, while $1,767-$1754 may provide some support, says Vidit Garg, Director, MyGoldKart.
He added that if the silver breaks below $22.42, the white metal could drop to the level of $22.21.
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