Gold and silver prices were mixed in Indian markets today in line with international prices. Gold futures up 0.2% on MCX 51,660 per 10 grams but still remains near two-week low after falling 1,000 in the last two sessions. Silver contracts were down 0.4% 56,696 per kg. In global markets, dollar and Treasury yields edged up from recent lows in the yellow metal, as US Federal Reserve minutes indicated policymakers may be less aggressive on future rate hikes.
In the minutes of the July meeting released on Wednesday, Fed officials said the pace of future rate hikes will depend on economic data coming in, as well as an assessment of how the economy is adapting to higher rates already approved.
“Overall the FOMC minutes did not offer any surprising surprises. The minutes indicated that the Fed would not back down on interest rate hikes until there was a significant reduction in inflation. There was no further guidance, but the committee would continue its policy actions. will closely track the data to determine whether,” according to IFA Global.
place gold price It was up 0.3% to $1,765.89 an ounce after falling to a two-week low in the previous session. Among other precious metals, spot silver ended lower at $19.80 an ounce.
“COMEX gold trades marginally higher near $1780/oz amid yearning in the US dollar index and bond yields as FOMC minutes failed to provide more clarity on the Fed’s monetary tightening. FOMC minutes showed That the central bank wants to continue raising rates to control inflation, but is also wary of over-tightening and its impact on economic growth. You can look at the economic numbers and the comments of the central bank.” Ravindra Rao, EPAT, VP- Head of Commodity Research at Kotak Securities said.
,Sleep Global growth concerns could remain volatile as support from geopolitical issues and inflation concerns are countered by weak investor interest and concerns about consumer demand. However, with the Fed continuing to hike rates, the US dollar may remain supportive and put pressure on gold.”
Despite the recent fall in prices, investor interest in gold has waned. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.32% to 989.01 tonnes on Wednesday from 992.20 tonnes on Tuesday.
Analysts say gold has been supported by Sino-US tensions over Taiwan after Washington and the island agreed to start trade talks under a new initiative. (with agency input)
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