According to Fed meeting minutes, most oﬃcials backed raising rates at their next meeting in July by either 50 or 75 basis points to cool down inﬂation, said ICICI Direct in its note. "At the same time, optimistic sentiments in global markets and rebound in US 10- year treasury yields weighed on bullion prices," it added.
Gold prices edged up on Thursday, from their multi-month lows hit in the previous session. However, the relief might be temporary, experts warned. An elevated dollar pressurised the safe bullion. Gold futures on MCX NSE -0.48 % were trading higher, gaining 0.29 per cent or Rs 148 at Rs 50,648 per 10 grams.
Similarly, silver futures traded were up by 0.58 per cent or Rs 331 at Rs 57,057 per kg.
A deteriorating inﬂation situation prompted Federal Reserve oﬃcials to rally around an outsized interest rate increase, minutes of the US central bank's June 14-15 policy meeting showed on Wednesday.
According to Fed meeting minutes, most oﬃcials backed raising rates at their next meeting in July by either 50 or 75 basis points to cool down inﬂation, said ICICI Direct in its note. "At the same time, optimistic sentiments in global markets and rebound in US 10-year treasury yields weighed on bullion prices," it added.
Physical gold dealers in India oﬀered steep discounts last week as demand remained weak,with the import tax hike likely to further sap interest, while top consumer China saw activity bounce back slowly as it emerged from COVID-led curbs. In the spot market, the highest purity gold was sold at Rs 51,298 per 10 grams while silver was priced at Rs 56,449 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have plunged more than Rs 1,000 as compared to the last session, whereas silver is down more than 1,700 per kg in the same period. Rahul Kalantri, VP Commodities, Mehta Equities said that gold extended its sell oﬀ to an over nine-month low, hurt by a stronger dollar, while the Federal Reserve's June meeting minutes established a more "restrictive" monetary policy.
The European Union seems to be at the highest risk due to the energy crisis and higher inﬂation, as the euro hit fresh 20-year lows. Investors are building short positions in precious and industrial metals and betting on the US dollar," he added.
"We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,720 and resistance at $1,760 per ounce. MCX Gold August support lies at Rs 50,200 and resistance at Rs 51,000 per 10 grams," said Tapan Patel, Senior Analyst (Commodities), HDFC NSE -0.26 % Securities.
Spot gold ﬁrmed 0.3 per cent to $1,744.19 per ounce, as the dollar dipped slightly from the 20-year highs reached on Wednesday, lending support to greenback-priced bullion. US gold futures rose 0.3 per cent to $1,741.80. Spot silver rose 0.7 per cent to $19.32 per ounce, platinum gained 0.2 per cent to $857.53, and palladium climbed 1.2 per cent to $1,927.92.
Silver is selling at Rs 57,000 per kg today Gold and silver remained unchanged in Friday's early trade as 10 gram of 24-carat of the yellow metal was trading at Rs 51,110. Meanwhile, 10 gram of 22-carat gold is selling at Rs 46,850 on Friday. Silver is selling at Rs 57,000 per kg on Friday.
Gold ﬁrmed on Friday as the dollar came slightly oﬀ two-decade highs, but bullion was set to post its biggest weekly drop in more than a month as the elevated greenback hit demand. Spot gold ﬁrmed 0.3 per cent to $1,744.07 per ounce by 0106 GMT. US gold futures rose 0.2 per cent to $1,742.50.
Spot silver rose 0.5% to $19.28 per ounce. Gold Price have lost about 3.7 per cent this week. It is likely to be their fourth straight weekly fall, and worst since mid-May. In Delhi, Mumbai, Kerala, Hyderabad, and Calcutta, 10 gram of 24-carat gold is selling at Rs 51,110. Whereas, ten gram of 22-carat gold is trading at Rs. 46,850 in Delhi, Mumbai, Kerala, Hyderabad, and Calcutta.
In Chennai, 10 gram of 24-carat gold and 22-carat gold is selling at Rs 50,970 and Rs 47,720, respectively.
In Delhi, Mumbai, and Calcutta, 1 kg of silver is currently selling at Rs 57,000. Whereas, in Chennai, one kg of silver is trading at Rs 62,200.
Central Registry of Securitisation
Asset Reconstruction and Security
Interest of India - KYC Identifier No : 90044129091284
CIN No : U51909TG2019PLC130903
PAN No : AAHCG7082N
TAN No : HYDG18885G
GSTIN No : 36AAHCG7082N1ZZ
IEC No : AAHCG7082N
Udyog Aadhar No : TS02E0067316
Gold Code : 10882GL01
Silver Code : 10882SV01
GJEPC Membership No :
Bureau of Indian Standards
Certificate No : HM/C-6390039720
National Secrities Depository Limited
ISIN No : INEOJ8501014
Govt of Telangana Reg No : SEA/HYD/ALO/03/0199926/2020
Goldsikka Limited #3-5-573, Himayatnagar ,
Goldsikka Limited 2nd Floor, Ashoka Raghupathi Chambers , H.No. 1-10-60 , Adj to Prakash Nagar Metro Station, Begumpet, Hyderabad, Telangana, 500016 India.
Goldsikka Limited 1st Floor, #3-5-171/1/2, Narayanguda Near Melkote park, Hyderabad, Telangana 500029 India.
Shop No. 01 H No 21-6-60, Mehndi Galli, Ghansi Bazar, Charminar, Hyderabad Telangana 500002 India