Gold Price Today: Gold Dips Marginally, Silver Touches 74,000

Gold Price Today: Gold prices rose today to their highest in more than three months as a weaker U.S. dollar and growing inflationary pressure lifted bullion’s appeal as an inflation hedge. Precious metals continued the northward movement in the Indian market.

Gold Price Today

Investors now await minutes of the U.S. Fed’s last meeting, due on Wednesday, for more cues on the U.S. central bank’s monetary policy. Recent economic readings out of the United States have sparked concerns over rising inflation and raised bets over an earlier-than-expected Federal Reserve rate hike.

Gold tends to benefit from a lower interest rate environment as it reduces the opportunity cost of holding non-yielding bullion. The dollar index was down 0.082 per cent, with the euro at $1.2157. The dollar teetered near multi-month lows against European currencies. A weaker greenback makes gold more appealing for other currency holders.

Gold price today in India continued the uptrend on the back of global cues. However, shops in major states remained locked due to restrictions imposed by local government, reducing the demand for physical gold in the world’s second-largest bullion consumer. Gold futures on MCX were up by 0.07 per cent or Rs 33 at Rs 48,441 per 10 grams. Silver futures gained 0.92 per cent or Rs 676 to Rs 74,000 per kg.

“Gold price today traded higher with spot gold prices at COMEX were trading near $1867 per ounce in the morning. The yellow metal rallied on Monday giving breakout of short term trend line above $1860. Gold prices were supported by weaker dollar amid disappointed US and Chinese data,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

In the spot market, highest purity gold was sold at Rs 48,146 while silver was priced at Rs 71,735 on Monday, according to the Indian Bullion and Jewellers Association.

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