Tue. Jan 31st, 2023

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Gold prices today rise after 5-day fall, still down ₹5000 from this month’s high

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Gold bullion

Gold prices today inched higher in Indian markets, after suffering losses in the past five sessions. On MCX, October gold futures rose 0.4% to 51,139 per 10 gram while silver futures gained 0.6% to 64,379 per kg. In the previous session, gold futures fell 0.5% while silver slumped 2%. From August 7 highs of 56,200, gold prices in India have corrected about 5,000 per 10 gram.

In global markets, gold rates were steady with spot prices of the yellow metal trading at $1,927.26 per ounce. Worries over the global economic recovery offset an uptick in risk sentiment driven by signs of progress in US-China trade negotiations. The dollar index held steady at 93.108 against a basket of major currencies.

Among other precious metals, silver rates were steady at $26.43 per ounce while platinum rose 0.1% to $928.12.

Gold traders await Federal Reserve Chair Jerome Powell’s scheduled speech on Thursday about the central bank’s monetary policy framework review, which has focused on a new inflation strategy.

ETF investors have moved to sidelines amid lack of clarity about future price direction, say analysts. The holdings of world’s biggest exchange traded fund, SPDR Gold Trust, fell 0.3% to 1,248.87 tonnes on Tuesday from 1,252.38 tonnes on Monday.

Photo: Mint
Suresh Narayanan, chairman and managing director, Nestlé India
Covid-19 vaccine (Mint)
A tax cut for two-wheelers can spur demand ahead of the festive season, even as private consumption is sluggish due to the outbreak of coronavirus. (Photo: PTI)
Photo: Reuters

 

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