Gold prices today struggle after big jump, down ₹8,000 from record highs
Premium- Silver rates today were higher at ₹61665 per kg. Gold rates had jumped ₹600 in the previous session
Gold was steady in Indian markets today amid flat global rates. On MCX, gold futures were up 0.15% to ₹48,000 per 10 gram while silver futures rose 0.24% to ₹61,665 per kg. In the previous session, gold had jumped 1% or ₹550 per 10 gram while silver had risen 0.73% or ₹444 per kg.
In global markets, gold was steady at at $1,783.91 per ounce even as Omicron cases across the world went up. Investors are weighing the prospect of the Fed to accelerate the tapering of their asset purchases when policymakers meet later this month. US employment data released on Friday showed slowed considerably in November, but the unemployment rate plunged to a 21-month low of 4.2%.
Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of non-interest bearing gold. The dollar index edged 0.1% higher, raising gold's cost for buyers holding other currencies.
Among other precious metals, spot silver rose 0.3% to $22.57 an ounce while platinum jumped 0.8% to $939.78.
“Gold prices were up by almost $20 from its low on Friday after employment data showed some tightening in job market and fears increasing for new virus. However, gains were limited on upside as Fed officials maintained their hawkish tone. Moving forward for this week $1789-$1815 will continue to provide resistance on upside while $1,767-$1754 may provide some support, " said Vidit Garg, director at MyGoldKart.
If silver slides below $22.42, the white metal could slide to $22.21 kind of levels, he added.
Gold traders will also be watching US consumer price report due on Friday for clues into Fed's tapering stance.
(With Agency Inputs)
MINT PREMIUM See All
Never miss a story! Stay connected and informed with Mint. Download our App Now!!