Commodity Market Updates; Gold, silver rate on Tuesday's trade is seen tepid amid rate-pause bets from RBI monetary policy.
The price of gold today opened sideways despite strong wagers that the Reserve Bank of India (RBI), which will meet from June 6–8, 2023, will cease raising interest rates. The price of gold on the MCX today started out higher at Rs. 59,869 per 10 gm but quickly fell under the strain of profit-bookingand hit an intraday low of Rs. 59,813 levels. The price of gold was about $1,959 on the international market with a 0.10 percent intraday decline.
Within a few minutes of the commodity market's opening bell, the price of silver today on the MCX started off lower at Rs. 71,971 per kg and eventually dropped to an intraday low of Rs. 71,951. The price of silver is fluctuating about $23.57 per ounce on the global market, with an intraday gain of roughly 0.25 percent.
Within a few minutes of the commodity market's opening bell, the price of silver today on the MCX started off lower at Rs. 71,971 per kg and eventually dropped to an intraday low of Rs. 71,951. The price of silver is fluctuating about $23.57 per ounce on the global market, with an intraday gain of roughly 0.25 percent.
"Gold prices edged lower on the back of positive economic data points, higher US Dollar and Yields, offsetting support from the prospects that the Federal Reserve would pause its rate hikes this month," said Navneet Damani, Senior VP - Commodity Research at Motilal Oswal, regarding the retracement of gold prices from record highs. The US 10Y yield is lingering around 3.7%, which is dragging on safe-haven assets, and the dollar index was observed closing above the 104 level in the previous session. As the JOLTS, ADP private payroll, and the non-farm all came in better than expected, the US labour market is still tight.
Last week, physical gold demand in India decreased as consumers put off purchases due to rising domestic prices, while the top consumer's premiums were supported by a weaker Chinese currency.
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