Gold and silver prices today: Yellow metal dips, down 1.01% YTD
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Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 62,493 per 10 grams and hit an intraday low of Rs 62,400. In the international market, prices hovered around $2,033.85 per troy ounce. Silver opened at Rs 70,776 per kg and hit an intraday low of Rs 70,776 on the MCX. The price hovered around $22.58 per troy ounce in the international market. Analysts say escalating tensions in the Middle East is providing a strong floor for bullion. Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "Gold prices slipped in the previous session as the dollar and US bond yields jumped after a strong non-farm payrolls report, which created some uncertainty about Fed's monetary policy path this year." Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, "Yesterday gold prices corrected sharply by 0.64% and closed at 62562 levels. Silver prices also corrected sharply by 1.40% and closed at 71208 levels. Strength in the dollar index after FOMC stated that they are not in a hurry to cut rates. The dollar index is trading at 8-week high levels. Positive US economic data also support the dollar index." Fed Chair Jerome Powell, in the FOMC meeting, dismissed the idea of lowering interest rates in the spring but voiced confidence that inflation would return to the 2% target. However, later Governor Powell expressed confidence about a rate cut this year, pinning it on either lower inflation or labour data.
https://www.businesstoday.in/personal-finance/news/story/gold-and-silver-prices-today-yellow-metal-dips-down-101-ytd-416154-2024-02-05
Business Today /
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2024-02-05 05:34:07
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2024-02-05 05:34:07Event JSON
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"content": "Gold and silver prices today: Yellow metal dips, down 1.01% YTD\n==========\n\nGold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 62,493 per 10 grams and hit an intraday low of Rs 62,400. In the international market, prices hovered around $2,033.85 per troy ounce. Silver opened at Rs 70,776 per kg and hit an intraday low of Rs 70,776 on the MCX. The price hovered around $22.58 per troy ounce in the international market. Analysts say escalating tensions in the Middle East is providing a strong floor for bullion. Manav Modi, Analyst, Commodity and Currency, MOFSL, said, \"Gold prices slipped in the previous session as the dollar and US bond yields jumped after a strong non-farm payrolls report, which created some uncertainty about Fed's monetary policy path this year.\" Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, \"Yesterday gold prices corrected sharply by 0.64% and closed at 62562 levels. Silver prices also corrected sharply by 1.40% and closed at 71208 levels. Strength in the dollar index after FOMC stated that they are not in a hurry to cut rates. The dollar index is trading at 8-week high levels. Positive US economic data also support the dollar index.\" Fed Chair Jerome Powell, in the FOMC meeting, dismissed the idea of lowering interest rates in the spring but voiced confidence that inflation would return to the 2% target. However, later Governor Powell expressed confidence about a rate cut this year, pinning it on either lower inflation or labour data.\n\n\n\nhttps://www.businesstoday.in/personal-finance/news/story/gold-and-silver-prices-today-yellow-metal-dips-down-101-ytd-416154-2024-02-05",
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