Gold futures slip ₹914 as dollar firms, Fed signals weigh
Gold futures on MCX reversed early gains to close ₹914 lower at ₹1,52,180 per 10g as a stronger dollar and hawkish Fed comments pressured prices. Comex gold also declined.
Gold Market
Gold futures on MCX reversed early gains to close ₹914 lower at ₹1,52,180 per 10g as a stronger dollar and hawkish Fed comments pressured prices. Comex gold also declined.
Gold holds key support at $4,100 and eyes new highs above $5,200. Silver needs to break $106. Global interest rate hikes and record diesel prices add pressure to stocks.
Gold edged below $4,350 on Tuesday as the Federal Reserve's hawkish stance countered a decline in US bond yields. The metal's downside appears limited amid geopolitical tensions and mixed technical signals.
Investments into physically backed gold ETFs remained positive for the ninth week running, led by US inflows of $2.21 billion. Total inflows reached $4.24 billion.
Gold fell over 0.6% on Monday after last week's Federal Reserve rate hike. The US Dollar Index rose 0.2% to 100.42, capping the metal despite lower Treasury yields.
Gold rallied for a second straight day on Friday, hitting its highest since September 9. Lower oil prices provided the main support, countering the expected drag from a Federal Reserve rate hike.
Gold and silver snapped a two-day rally on the MCX, with gold down Rs 1,331 per 10 grams and silver down Rs 1,600 per kg amid US-Iran tensions and central bank rate hikes.
Gold rose $26 to $4,416 for the week, extending its winning streak despite a Fed rate hike and firmer dollar. Volume data and technical signals suggest buyers may be returning.
Gold initially dropped on the Fed's first rate hike in over three years but quickly surged the next day, suggesting the pattern of selling on rate-hike fears may be fading.