gold price today: gold rate today: the yellow metal sees low-level purchases but does not exceed Rs 48,000

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NEW DELHI: Gold and silver futures prices were trading with marginal gains as low-level buys were seen early on Tuesday after falling sharply the day before. However, the gains were held back as the dollar rose.

The dollar index held near a 16-month high after Biden appointed Fed Chairman Powell to a second four-year term on Monday, stepping up bets the central bank could raise rates. interest earlier in curbing rising inflation. A stronger dollar increases the cost of bullion for buyers holding other currencies.

MCX gold futures rose 0.07% or Rs 35 to Rs 47,958 per 10 grams. Silver futures rose 0.15% or Rs 97 to Rs 64,668 per kg.

“The yellow metal halted its decline after witnessing sales in the previous session. Gold prices have fallen on stronger dollar and rally in US bond yields on Europe Concerns Covid. Yields on 10-year US Treasuries rose 1.62 percent from 1.56 percent the week before. Gold prices also fell after the US president appointed Jerome Powell for the second term as Fed chairman, ”said Tapan Patel, senior analyst (commodities), HDFC Securities.

On the spot market, the highest purity gold was sold at Rs 48,834 while silver was priced at Rs 65,829 on Monday, according to the Indian Bullion and Jewelers Association.

Commercial strategy
“Following the announcement of Powell’s renewal, yields on US Treasuries have jumped as traders perceive that a more accommodative policy may be brewing. We expect this gold weakness to continue to Rs 47,500. Buy area is above Rs 48,250 for Rs 48,500 target. Sell area below Rs 47,850 for the target of 47,500 rupees, ”said Ravi Singh, vice president and head of research, ShareIndia.

Global markets
Spot gold rose 0.2% to $ 1,809.40 an ounce at 12:48 am GMT, after slipping 2.1% to its lowest level since November 5 on Monday. US gold futures gained 0.2% to $ 1,809.60.

Spot silver rose 0.4% to $ 24.25 an ounce. Platinum gained 0.4% to $ 1,015.51 and palladium rose 1.3% to $ 1,978.97.

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