Gold and silver prices today: Yellow metal holds near highest level, rising by 0.10%

Gold opened on the Multi Commodity Exchange (MCX) on Wednesday at Rs 57,619 per 10 grams. In the international market, prices hovered around $1,860.02 per troy ounce. Meanwhile, silver opened at Rs 69,146 per kg, hit an intraday low of Rs 68,973 on the MCX, and hovered around $21.86 per troy ounce in the international market. 

Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said, “Gold [is] seen [being] range-bound ahead of the US CPI data. Yesterday, spot gold closed steady at $1860 as the US Dollar Index slipped and the US yields slumped.” 

The US Federal Reserve’s Neel Kashkari said inflation is headed down and high yields leave less room for the US Fed, though they might have to raise rates should the US economy remain strong. The US Fed Governor Christopher Waller, who has been a vocal hawk, said that they are on the job to bring the inflation rate down to 2 per cent.  

“Gold prices increased by 0.10 per cent and closed at six-day high at 57629 levels on the back of the war situation between Israel and Hamas. We have noticed that due to geopolitical tensions [there is] safe-haven demand in bullions,” said Anuj Gupta, Head of Commodity and Currency at HDFC Securities. 

Also read: Israel-Palestine war boosts safe-haven demand for gold; yellow metal prices rise more than 1%

Also read: Gold and silver prices today: Yellow metal recovers after heavy sell-off; price rises by 1.23%

Risk sentiment remained healthy despite the ongoing war between Hamas and Israel. 

Amit Khare, Associate Vice President at GCL Broking, said, “December gold closed at 57629 (0.10 per cent) and December silver closed at 68918 (-0.27 per cent). As per daily chart, Bullions are making bottom. We can see good short covering rally in bullions. Momentum Indicator RSI also indicating the same. So, traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 57500/57300 and Resistance 57800/58000. Silver December Support 68300/67400 and Resistance 69500/70000.” 

Gold prices held near their highest levels in more than a week as comments from US Fed officials suggested that the recent surge in Treasury yields might reduce the need for more rate hikes. Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “The dollar dipped to a nearly two-week trough…below the 106-mark tracking the slide in US Treasury yields after dovish comments from several Fed officials. Kashkari said that it’s ‘possible’ that the recent rise in yields on longer-term Treasuries means the Fed need not raise interest rates as much. Atlanta Fed President Raphael Bostic said the central bank need not raise borrowing costs any further, and sees no recession ahead. IMF in its world economic outlook report kept global growth expectations unchanged for 2023 at 3 per cent and lowered it by 0.1 per cent for 2024."