Category: Gold News
Gold, Silver prices Today: Price of yellow metal falls | Business News
Gold price today: MCX gold futures for April delivery are trading 0.11 per cent lower at 64,772 per 10 gram.
On March 5, gold prices reached a record high fueled by increased speculation of an imminent interest-rate cut by the US Federal Reserve in June this year. Traders sought refuge in the precious metal as a safe-haven asset. The focus now turns to Federal Reserve Chairman Jerome Powell’s two-day congressional testimony.
The yellow metal is renowned for its role as a store of value during economic uncertainties. Its prices stands to gain from central bank easing of its monetary policy.
“We expect gold to trade lower towards 64600 levels, a break of which could prompt the price to move lower towards 64460 levels,” said Saish Sandeep Sawant Dessai, Analyst, base metals, Angel One Ltd. Gold exerts downward pressure on bond yields and the dollar.
Silver price for May delivery are trading at 0.07 per cent lower at 73,320 per kg.
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First uploaded on: 06-03-2024 at 12:30 IST
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