Tue. Jan 31st, 2023

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Gold prices today rise after a big crash, silver rates edge higher

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Gold and silver prices rose today in Indian markets after slumping in the previous session. On MCX, October gold futures were up 0.3% to 51,071 per 10 gram while silver futures rose 0.7% to 65,673 per kg. In the previous session, gold had slumped 900 per 10 gram while silver had crashed 2,500 per kg. Gold prices in India have been very volatile since hitting record highs of 56,200 on August 7.

In global markets, gold prices were steady after a sharp fall in the previous session. Spot gold was up 0.1% at $1,929.94 per ounce falling more than 1% in the previous session. Among other precious metals, silver eased 0.1% to $27.01 per ounce while platinum fell 0.7% to $922.07.

US Fed chief Jerome Powell on Thursday outlined a approach to setting US monetary policy that pushed up US bond yields. Higher bond yields increase the opportunity cost of holding gold which does not yield any interest income.

Signalling a more relaxed stance on inflation, Jerome Powell said that the Fed will seek inflation that averages 2% over time, a step that implies allowing for price gains to overshoot.

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