Gold rises by ₹6,000 in less than 3 months, hits another record high today

Gold has also been supported by rising recession concerns. In the international market, spot gold remained unchanged at $1,932.50 an ounce.

Markets are pricing in a modest 25 basis points interest rate hike by the Federal Reserve at the end of its two-day meeting on February 1, following recent signs of easing inflation in the US. Because low rates reduce the opportunity cost of holding non-yielding bullion.

But several Fed policymakers have indicated recently that they will hike interest rates more to tame inflation despite signs the economy is slowing. Among other precious metals, silver rose 0.6% to $23.98 an ounce, while platinum gained 0.1% to $1,033.69 and palladium fell 1% to $1,736.35.

,Sleep Silver and silver prices jumped on Thursday after weaker-than-expected US retail sales data revived sentiment that the US economy could be headed into a recession in 2023. US monetary policy path,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

“Precious metal prices rose from their lows, rallying from sharp losses in stock markets as weak corporate earnings and softer-than-expected economic data raised concerns over an economic slowdown. Gold has found support at $1912-1898 while resistance lies at $1940-1951. Silver has found support at $23.65-23.48, while resistance lies at $24.10-24.28. Gold has support in terms of rupee 56,510-56,380, while at the resistance level 56,940, 57,140. support on silver 68,050-67,520, while at the resistance level 68,950-69,580,” he said. (with agency inputs)