Gold Trades On Flat Note, Silver Advances 0.5%

Gold prices edged higher on Friday as a slight dip in US bond yields provided support against growing expectations of quicker-than-expected U.S. interest rate hikes.

Gold Trades On Flat Note, Silver Advances 0.5%

Gold, Silver Prices Today: Gold futures for delivery in December rose 0.22 per cent to hit an intraday high of Rs 46,605 per 10 grams on the Multi Commodity Exchange. In the spot market, fine gold with purity of 24 carats was priced at Rs 46,430 per 10 grams, 22 carat gold was being sold at Rs 45,320, 18 carat gold was priced at Rs 37,610 and 14 carat gold was being retailed at Rs 29,950, according to India Bullion & Jewellers Association.

Gold prices edged higher on Friday as a slight dip in US bond yields provided support against growing expectations of quicker-than-expected U.S. interest rate hikes that also pushed the dollar to a multi-month high.

Back home, the Indian rupee declined 5 paise to 74.17 against the US dollar in opening trade on Monday, in line with its Asian peers amid the strengthening of the American currency in the overseas market.

At the interbank foreign exchange, the rupee opened at 74.16 against the dollar, then fell further to 74.17, registering a fall of 5 paise over its previous close.

Gold prices have fallen in domestic markets as demand for risk assets is booming owing to stable equity markets amid reopening of the economy, analysts said.

Meanwhile, silver was witnessing buying interest as Silver Futures on the MCX rose as much as 0.61 per cent to Rs 60,923 per kilogram. In spot market silver was being sold at Rs 59,581 per kilogram, according to IBJA.

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