Gold and silver prices today: Yellow metal inches lower as dollar bounces back

Gold opened on the Multi Commodity Exchange (MCX) on Tuesday at Rs 60,596 per 10 grams and hit an intraday low of Rs 60,513. In the international market, prices hovered around $1,972.64 per troy ounce. Meanwhile, silver opened at Rs 72,000 per kg, hit an intraday low of Rs 71,482 on the MCX, and hovered around $22.89 per troy ounce in the international market. 

Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said, “The Dow closed slightly higher Monday as a resurgence in Treasury yields kept upside momentum in check ahead of remarks from US Fed officials and a slew of corporate earnings due this week.” 

The dollar index was slightly above the six-week low it hit in the previous session, while US benchmark 10-year Treasury yields continued to lose momentum, falling from a 16-year high of 5% it hit a few weeks back. 

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold inched lower as the dollar staged a rebound and amidst signs of an ease off in geopolitical tensions, although bullion prices were stuck in a tight range with investors staying on the sidelines ahead of comments from Federal Reserve officials including Chair Jerome Powell.” 

Also read: 85% of millennial aspire for work-life balance as their top life goals: Survey

Also read: I am planning to send my son abroad for higher education. Is it good to take a bank loan?

Also read: I frequently travel abroad. Will my Indian retail health insurance policy provide coverage abroad?

Fed Governor Lisa Cook said that she hopes the central bank’s current target interest rate is adequate to return inflation to the Fed’s 2% target. In contrast, Fed Bank of Minneapolis President Neel Kashkari said the US central bank likely has more work to do to control inflation. In the Middle East, Israel Prime Minister Benjamin Netanyahu said his country would consider “tactical little pauses” in Gaza to facilitate the entry of aid or the exit of hostages. 

“Investors will be waiting to see if US Fed Chairman Powell, who is due to speak twice this week, maintains a less hawkish tone he struck in the Fed’s policy meeting last week,” said Modi. 

Amit Khare, Associate Vice President at GCL Broking, said, “December Gold closed at 60820(-0.33%), and December Silver closed at 72135(-0.16%). As per the daily chart, Bullion's structure is looking positive. We can see some further upside movement in the coming future; the Momentum Indicator RSI also indicates the same, So traders are advised to make fresh buy positions in Gold and Silver near the given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 60500/60300 and Resistance 61000/61200. Silver December Support 71500/70500 and Resistance 72500/73000.” 

Also watch: Festival Season: Top 7 Ways to buy and invest in gold this Diwali, Dhanteras; Check out these tips by Money Today