Gold rates today near lowest in a week, down nearly ₹1,000 in 3 days | Mint
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Business News/ Markets / Commodities/  Gold rates today near lowest in a week, down nearly 1,000 in 3 days
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Gold rates today near lowest in a week, down nearly ₹1,000 in 3 days

After rising above ₹55,000 levels last week, gold has seen profit-taking after central banks signalled more rate hikes in 2023

Gold prices in India remained near ₹54,300 per 10 gram todayPremium
Gold prices in India remained near 54,300 per 10 gram today

Gold rates in India remained steady today after some correction, mirroring a similar global trend. On MCX, gold futures were near one-week low of 54355 while silver edged up 0.23% to 67,808 per kg. Last week, gold had jumped above 55,000 before seeing some profit-taking after Fed signalled more rate hikes in 2023.  In international markets, gold rates were flat near $1,791.56 per ounce while silver lost 0.4% to $23.12. A decline in dollar index supported gold while prospects of further interest rate hikes by the US Federal Reserve next year capped gains. 

A weaker greenback makes bullion more attractive to holders of other currencies.

Gold registered its biggest weekly decline since mid-November on Friday after Fed Chair Jerome Powell said the U.S. central bank would deliver more hikes next year, despite growing recession worries.  

“Precious metals showed safe haven buying at lower levels amid rising tensions between Russia-Ukraine and weakness in global equity markets. We expect bullion prices to remain volatile in today’s session. Gold has support at $1778-1765 while resistance is at $1805-1815. Silver has support at $22.92-22.75, while resistance is at $23.48-23.65. In rupee terms gold has support at 54,120-53,950, while resistance is at 54,480, 54,650. Silver has support at Rs67,250-66,880, while resistance is at Rs68,520–68,980," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Gold is considered a hedge against inflation and economic uncertainties, but rising interest rates dent bullion's appeal as the asset pays no interest.

“On the price front COMEX Gold is still holding the double top resistance at $1825/oz. A sustained break above $1825/oz on closing might push the price higher towards the next resistance in $1884/oz. Support is near $1778/oz below which we can conclude a temporary top at $1825/oz," said Ravindra Rao, VP-Head Commodity Research, Kotak Securities Ltd.

Back in India, the latest tranche of Sovereign Gold Bond Scheme 2022-23 opened for subscription today. The issue price has been fixed at 5,409 per gram of gold. The Sovereign Gold Bond Scheme 2022-23 - Series III will be open for subscription from December 19–23, 2022. The RBI issues the bonds on behalf of the Government of India.

 

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Published: 19 Dec 2022, 01:36 PM IST
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