Gold prices today: Gold prices are seeing a decline on Monday. Gold futures on MCX fell to Rs 51,442 per 10 grams. Gold prices remained stable in the international markets as investors are still watching developments related to the Russia-Ukraine conflict. Spot gold remained flat at $1,921.80 an ounce and remained close to the two-week low it touched last week.
Metals may remain volatile
According to a report by Livemint, Mehta Equities Ltd. Rahul Kalantri, VP Commodities, said, “Gold and silver declined on the back of a 25 basis point hike in key policy rates by the US Federal Reserve last week and 6 other rate hikes this year in upcoming policy meetings. . The chairman of the US Fed had expressed concerns about rising inflation and sluggish economic growth due to the Russia-Ukraine war. Coronavirus cases are increasing again in most countries. Metals may remain volatile due to geopolitical tensions, rising coronavirus cases, tightening of monetary policies by central banks globally and rising inflation.”
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Support in gold at Rs 51,210
He said, in rupee terms, gold has support at Rs 51,210-51,000, while resistance is at 51,720-52,000. Silver has support at Rs 67,400-66,950 and resistance at Rs 68,480-68,950.
The US Fed last week raised its overnight interest rate by 0.25 per cent and forecast a more aggressive plan to raise borrowing costs next year. Two of the Fed’s toughest policymakers said on Friday that the central bank needed to take more aggressive steps to control inflation.
Higher interest rates increase the opportunity cost of holding non-interest paying gold.
SPDR Gold Trust’s holdings increased
At the same time, the holding of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.8 per cent to 1,082.44 tonnes on Friday, the highest since March 2021.
Among other precious metals, spot gold rose 0.2 per cent to $25 an ounce and platinum rose 0.7 per cent to $1,029.21.
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