gold price today: Gold price today: Yellow metal trades flat mirroring international trend

Gold prices on Monday traded on a steady note mirroring the international trend. On , Gold December futures were at Rs 50,261 per 10 gm, up 0.06%. Silver futures traded 0.09% higher at Rs 57,533 per kg.

In the international markets, gold prices have been steady after falling over 1% in the previous session. The pressure was seen on the bullion as the Fed is expected to announce another rate hike.

Higher interest rates in the economy tend to dent the appeal of the non-interest-yielding bullion.

A minor change was recorded in the trade of Spot gold at $1,642.59 per ounce by 0046 GMT, while U.S. gold futures were up 0.1% at $1,645.90.

The dollar index traded steady at 110.75, while the US 10-year treasury yield was trading higher by 0.4% at 4.027.

Last month, the US consumer spending rose more than expected while underlying inflation pressures continued to bubble, keeping the Fed on track to hike interest rates by another three-quarters of a percentage point at the November 1-2 meeting, Reuters reported.

The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.28% to 922.59 tonnes on Friday.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button