HomeNewsLearn About The Latest Moves That Happened To Gold

Learn About The Latest Moves That Happened To Gold

Learn About The Latest Moves That Happened To Gold

Gold prices in India traded up half a percent on Thursday, even as the prices of the yellow metal globally remained steady. Previous close of Rs 50,438 Silver futures for July rose at Rs 61,139 per kilogram, gaining Rs 442 or 0.7 per cent in MCX.

Globally, the yellow metal was flat after a jump in the previous session due to lower Treasury yields and a weak dollar, which were driven by the announcement of a large but widely expected interest rate hike from the US Federal Reserve, according to Reuters.
Spot gold was little changed at $1,832.86 an ounce and US gold futures rose 1% to $1,836.90.
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Yesterday, the Federal Reserve announced a 75 basis point interest rate increase, the highest rate increase since 1994, in an effort to combat ever-increasing inflation.

The US central bank also revised upward inflation expectations for this year, while also signaling an interest rate hike of 50 basis points, or 75 basis points, at the next meeting.
However, it appears that the Federal Reserve’s rejection of the prospect of a 100 basis point rate increase and Chairman Jerome Powell’s calculated comments have flooded Treasury yields and the US dollar after that.
And the 10-year US Treasury yields extended their losses, falling seven basis points to 3.33% and the dollar index fell near 104.51 levels, helping gold bulls to post a short and sharp rally that is expected to fade in the medium term in the face of Higher rate environment.
Gold prices settled on Thursday, with COMEX spot gold trading near $1,832 an ounce in morning trading, and MCX Gold Aug futures trading near Rs 50,619 per 10 grams at open trade.

And gold prices maintained their strength after the decision of the Federal Open Market Committee in the United States, where the Federal Reserve raised key interest rates by 75 basis points, the largest since 1994.
Weak dollar and lower US bond yields drive bullion prices higher amid concerns about economic growth We expect gold prices to trade sideways today with COMEX Gold spot support at $1,810 and resistance at $1,842 an ounce MCX Gold Aug support sits at Rs. 50200 and resistance at Rs. 50900 per 10g.

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