![Gold rate today: Gold futures edge higher; silver tops Rs 53,000](https://img.etimg.com/thumb/msid-93996795,width-210,height-158,imgsize-126368,resizemode-75/gold-rate-today-gold-futures-edge-higher-silver-tops-rs-53000.jpg)
Gold futures for October delivery were trading Rs 90 or 0.18 per cent higher at Rs 50,458 per 10 grams on MCX. Silver futures advanced Rs 254 or 0.38 per cent to Rs 53,226 per kg.
Gold tends to perform badly amid a high-interest rate environment as it yields no interest. On Monday, the dollar index was ruling near a 20-year high, making gold expensive for holders of other currencies.
ICICIdirect expects MCX gold prices to trade with a positive bias for the day amid the recent weakness in the dollar index. It is likely to break the hurdle of Rs 50,500 and touch the levels of Rs 50,700 in coming sessions, the brokerage said. Additionally, silver prices are expected to take cues from gold prices and trade toward the level of Rs 54,000, it added.
Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One said while gold is considered a safe haven in times of economic distress, rising interest rates increase the potential cost of possessing the non-yielding asset.
This analyst still expects the Fed to deliver a 75-basis point hike, which he believes might cap the upside in the yellow metal.
Ravindra Rao of Kotak Securities said Comex gold was trading mixed near $1,710 per ounce as market players assess the US jobs report in light of the Fed’s monetary tightening stance.
"Weighing on price is firmness in the dollar, which is holding near 2002 high, weaker investor interest and concerns about consumer demand in China. However, supporting prices are Europe’s power crisis, China’s virus spread and renewed US-China tensions. The general outlook for gold remains weak, however, with market players positioning for ECB meeting this week some correction in the US dollar and recovery in gold can’t be ruled out,” he said.
Global markets
Spot silver was steady at $18.03 per ounce, platinum unchanged at $835.24 per ounce, while palladium gained 0.4 per cent to $2,031.18, Reuters reported.
Stronger-than-expected platinum shipments to China in the first half of the year spurred shortages elsewhere, as supply declined from mines and recycling, the World Platinum Investment Council said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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