Gold prices today at the lowest level in a month, further fall in silver prices

in global markets, gold rates It rose to $1,738.90 an ounce after falling to a one-month low in the previous session. Renewed strength in the US dollar, which is near a one-month high against a basket of other currencies, and higher bond yields put pressure on the yellow metal. Among other precious metals, spot silver rose 0.2% to $19.04 an ounce, while platinum rose 0.3% to $877.70.

Kotak Securities said in a note that risk sentiment has weakened significantly amid growth concerns and central banks may continue monetary tightening to bring inflation under control. The brokerage said risk aversion has led market players to shift from riskier assets such as equities and commodities to US dollar security.

“The FOMC minutes and mixed comments from Fed officials indicate that the central bank is debating inflation against growth to determine further moves. With inflation still out of control, rates are likely to continue rising, While Fed officials are debating the pace of rate hikes amid growing growth concerns, risk sentiment has weakened that rate hikes could stifle liquidity and stifle economic growth,” Kotak said. Securities said.

Makes a Stronger US Dollar Sleep More expensive for buyers holding other currencies. Recent sharp comments from Fed officials have lifted the US dollar and bold yields, denting bullion’s safe-haven appeal. Gold traders will now focus on the Fed’s Jackson Hole, Wyoming, global central bankers’ symposium later this week.

ETF inflows into gold remained muted. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.15% to 987.56 tonnes on Monday from 989.01 tonnes on Friday.

GOLD TECHNICAL APPROACH

“Slight recovery is expected in gold for the day. However, the short term upside turn around point has been placed at $1800,” said domestic brokerage Geojit.

Silver Price Outlook: “The broader sentiment remains on the weak side but a slight recovery may be seen in the early hours. A direct break above $21 will negate the bearish outlook,” the brokerage said.

(with agency input)

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