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Gold and silver rates today struggled in Indian markets amid subdued global cues. On MCX, gold futures were up 0.11% to 47265 per 10 gram while silver rose 0.16% to 63371 per kg.  In the previous session, gold had slumped 1.4% or 700 per 10 gram while silver fell 0.5%. In global markets, gold rates today ticked higher as US bond yields retreated. Spot gold rose 0.2% to $1,770.26 per ounce.

US bond yields had jumped sharply on Friday after data showed retail sales advanced in September which bolstered expectations for sooner-than-expected tightening of monetary policy by the US Fed.  Among other precious metals, silver rose 0.2% to $23.34 per ounce, while platinum eased 0.4% to $1,050.80.

Most equity markets in Asia today retreated along with US futures as surging energy prices cemented worries about inflation. Brent topped $85 a barrel, the highest since 2018. Data released today showed China's economy slowed in the third quarter, as headwinds from a property slump to an energy crisis and subdued consumer spending weighed on growth.

Gold traders will be keeping a close watch on comments from Fed Chair Jerome Powell who takes part in policy panel discussion on Friday. Also, this week, US Conference Board leading index, US existing home sales, jobless claims data will be released. 

The dollar index today edged up to 94.058, limiting gains for gold. ETF flows also remained weak. The holdings of SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, fell 0.3% to 980.1 tonnes on Friday from 982.72 tonnes on Thursday.

The recent rally in gold has stalled before $1800/oz level and “hence we recommend waiting for lower levels to create fresh long positions," Kotak Securities said in a recent note. 

On the other hand, supporting gold are concerns about China and weaker investor interest despite price recovery. “Also weighing on gold price is relative stability in equity markets despite persisting challenges," the brokerage added.

Trend in US dollar, bond yields and equities may continue to affect gold and silver and focus will be on economic data, central bank comments and development relating to energy crisis, China’s property market and US infrastructure and debt ceiling discussions, say analysts. (With Agency Inputs) 

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