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    Gold rate today: Yellow metal edge higher, silver near Rs 64,500

    Synopsis

    In the spot market, highest purity gold was sold at Rs 47,384 per 10 gram while silver was priced at Rs 63,110 per kg on Monday, according to the Indian Bullion and Jewellers Association.

    Gold rate today: Yellow metal holds firm, silver trades flat
    NEW DELHI: Gold prices traded higher on Wednesday ahead of the busy festive season, bucking the global trend. Surging US bond yields have dented the yellow metal's appeal.

    Gold futures on MCX were trading higher 0.21 per cent, or Rs 100, at Rs 47,380 per 10 gram. Silver futures were marginally up 0.04 per cent or Rs 23 at Rs 64,473 per kg.

    Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up.

    Gold prices fluctuated on speculation ahead of comments from Fed officials with possibility of a sooner tapering by the central bank.

    Ravi Singh, Vice President & Head of Research, Share India, said MCX Gold traded in a range-bound zone yesterday taking cues from the global market. However, volatility was higher due to the movement in US dollar.

    According to data from the commerce ministry, gold imports increased to about $24 billion during April-September 2021 from $6.8 billion in the previous year, ahead of the busy festive season.

    In the spot market, highest purity gold was sold at Rs 47,384 per 10 gram while silver was priced at Rs 63,110 per kg on Monday, according to the Indian Bullion and Jewellers Association.

    The spot price of the yellow metal has gained about Rs 1,000 per 10 gram in the last two weeks, whereas silver is up more than Rs 3,100 per kg during the period under review.

    Vidit Garg, Director, MyGoldKart, said, "Gains in gold were capped as their safe-haven appeal took a knock from rising US Treasury yields and upbeat earnings from American companies."

    Trading strategy
    "We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,760 and resistance at $1,790 per ounce. MCX Gold December support lies at Rs 47,000 and resistance at Rs 47,600 per 10 gram," Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

    Global markets
    Spot gold dropped 0.1% to $1,767.71 per ounce by 0100 GMT. The metal rose as much as 1.2% on Tuesday before giving up most of those gains as Treasury yields rallied. U.S. gold futures fell 0.1% to $1,768.40.

    Spot silver fell 0.1% to $23.62 an ounce, while platinum dropped 0.4% to $1,035.96 and palladium eased 0.5% to $2,087.90.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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