Gold price today struggles near key level, silver flat. Check latest rates

  • Gold rate today was flat as traders remained cautious ahead of key US inflation data

Livemint
Updated10 Dec 2021, 10:43 AM IST
Gold rate today was flat at  <span class='webrupee'>₹</span>48,000 per 10 gram while silver rate was at  <span class='webrupee'>₹</span>60,833 per kg
Gold rate today was flat at ₹48,000 per 10 gram while silver rate was at ₹60,833 per kg(AFP)

Gold and silver struggled in Indian markets as investors remained cautious ahead of key US inflation data. On MCX, gold futures were up 0.15% to 48,010 per 10 gram after a two-day decline, while silver was flat at 60,833 per kg.  In global markets, gold rates were marginally higher ahead of key US inflation data. Gold was rose 0.2% to $1,778.66 an ounce but on a weekly basis the precious metal is down 0.4%. 

Gold is poised for fourth straight weekly fall as investors worried higher inflation and a tightening labour market could prompt the Fed to accelerate the pace of its asset purchase reductions. Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of bullion, which bears no interest. The closely watched US inflation report is due later today. 

Among other precious metals, spot silver rose 0.2% to $21.97 an ounce while platinum climbed 0.3% to $937.07. Technically, gold is stuck in a range and the key inflation data will be closely watched by traders, Vidit Garg, director at MyGoldKart.

If the precious metal manages to sustain above $1783, then it may touch $1,792 kind of levels, he added. 

The choppiness across financial market is sign of waning confidence amid persisting uncertainty about virus situation and as market players position for US inflation data, says Kotak Securities. 

“US consumer price data will reflect upon inflation situation and help form expectations for Fed’s monetary policy ahead of next week’s key monetary policy meeting. Market expectations are already high that Fed may discuss fastening the bond tapering process at its upcoming meeting. A bigger than expected rise in consumer price may further strengthen the case for Fed to act. However, if we see some easing in price pressure, it may give Fed room to act and the central bank may avoid any aggressive moves,” the brokerage added. 

On virus front, Kotak Securities, market players cheered early studied which showed that existing vaccines may be effective to some extent. “However, there is still lot of uncertainty about severity of the variant as well as effectiveness of vaccines,” it added. 

 

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First Published:10 Dec 2021, 10:43 AM IST
Business NewsMarketsCommoditiesGold price today struggles near key level, silver flat. Check latest rates

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