Gold and silver prices today: Yellow metal trades steady after inching slightly lower in the recent session

Gold prices opened on the Multi Commodity Exchange (MCX) on Friday at Rs 62,464 per 10 grams and hit an intraday low of Rs 62,404. In the international market, prices hovered around $2,033.33 per troy ounce.

Meanwhile, silver opened at Rs 71,050 per kg and hit an intraday low of Rs 70,822 on the MCX. The price hovered around $22.56 per troy ounce in the international market.

Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, “Yesterday gold prices closed on a flat note at 62443 levels; however, silvers recovered from lower levels, increased by 0.75% and closed at 70837 levels. Lower level buying and weakness in the dollar give support to the bullions. However, there are no big triggers presently in the market which are curbing big moves in gold and silver. Gold may trade between 62200 and 62600 levels, and silver may trade between 70000 and 72000 levels."

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold traded steady after inching slightly lower in the previous session on the back of better than expected US labour data. However, decline in the dollar and yields capped some losses.”

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Bullion fell after robust U.S. economic data and a slew of Federal Reserve comments saw markets largely price out expectations for early interest rate cuts this year. Traders now see a 61% probability of an interest rate cut from the Fed in May. However, expectations for a rate cut in June are also increasing, striking chatters regarding the time of the first rate cut 2024.

Several Fed speakers this week gave mixed comments regarding the pace of interest rate cuts this year, keeping the market participants on edge.

"A spike in the dollar- to three-month highs- also pressured bullion prices, although the greenback saw a heavy dose of consolidation this week. The fall in applications for US unemployment benefits highlights the resilience of the economy in the face of higher rates. Volatility today could be a bit lower as no major economic data points are scheduled on the calendar," said Modi.