Gold Rates Today: The Yellow Metal Heads For A Big Weekly Low; money in the red


NEW DELHI: Gold prices fell on Friday as the strength of the US dollar and rising Treasury yields weighed on demand for the safe-haven metal. The yellow metal is heading for the biggest weekly decline since May.

Gold futures on

were trading lower, decreasing by around 0.10% or Rs 52 to Rs 50,934 per 10 grams. Meanwhile, silver futures fell almost 0.21% or 128 rupees to 61,399 rupees per kg.

The dollar stabilized near the two-decade high from the previous session, making greenback-priced bullion less attractive to buyers holding other currencies. Bullion is often seen as a hedge against inflation, but the opportunity cost of holding bullion is higher when the Fed raises short-term interest rates because gold earns no interest.

In the spot market, the highest purity gold was sold at Rs 50,614 per 10 grams while silver was priced at Rs 60,550 per kg on Thursday, according to the Indian Bullion and Jewelers Association.

Spot gold prices have remained below 51,000 rupees for the past three sessions, while silver has fallen around 1,500 rupees in the past two weeks.

Commercial strategy
“We expect gold prices to rise sideways for the day with COMEX Spot Gold support at $1,820 and resistance at $1,870 an ounce. MCX Gold Futures Support August stands at Rs 50,600 and resistance at Rs 51,300 per 10 grams,” said Tapan Patel, Principal Analyst (Commodities),

Securities.

Global Markets
Spot gold fell 0.7% to $1,844.25 an ounce. US gold futures fell 0.2% to $1,846.90. Gold prices fell around 1.5% in what was a volatile week.

Spot silver fell 0.6% to $21.79 an ounce, platinum fell 0.5% to $945.50, while palladium rose 0.8% to 1,893 $.87. All were heading for weekly declines.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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