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Gold rate today: Yellow metal nears two month lows; silver below Rs 65,000
Gold prices weakened further on Thursday to a two-month low, thanks to the rising dollar which hurt the bullion’s demand. An impending US interest rate hike also dampened the metal’s appeal as an inflation hedge.
The dollar index had reached a five-year top of 103.28, and a further push above 103.82 would see it to levels not visited since late-2002. A stronger dollar makes greenback-priced gold less attractive for other currency holders.
“Investors are convinced about the long-term prospects of gold, fueling the physical demand for precious metals,” he added. “The demand for gold surged by 34 per cent YoY in the first quarter of the year, led by growing ETF demand.”
Ravi Singh, Vice President and Head of Research, ShareIndia said that gold demand has risen, driven by investors worried about Russia’s invasion of Ukraine and rising inflation. “However, the rising yields in US dollar and treasury bonds are limiting the gains. Gold may witness some recovery in prices this week,” he added ..
“We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,870 and resistance at $1,900 per ounce. MCX Gold June support lies at Rs 50,800 and resistance at Rs 51,300 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold was down 0.2 per cent at $1,882.49 per ounce, as of 0225 GMT, after hitting its lowest since February 24 earlier in the session. US gold futures slipped 0.4 per cent at $1,881.40.
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