Precious metals faced aggressive selling pressure on Thursday as stronger-than-expected inflation reports boosted expectations of a 50-basis-point Federal Reserve rate hike next month. The resulting strength in the U.S. dollar prompted investors to trim holdings, dragging international and Indian benchmarks down significantly. Market experts view gold and silver as "sell on rise" assets as traders square off aggressive year-end positions. A breach of current support levels could push domestic gold prices down toward ₹1,20,000 per 10 grams.
Key points
Heightened expectations of a 50-basis-point Federal Reserve rate hike in December are boo…: Heightened expectations of a 50-basis-point Federal Reserve rate hike in December are boosting the dollar and depressing metals.
Market analysts warn that breaking below $3,800 support could drag international gold pri…: Market analysts warn that breaking below $3,800 support could drag international gold prices toward the $3,400 level.
Indian silver faces downside risks toward ₹1,48,000 per kilogram if key domestic support…: Indian silver faces downside risks toward ₹1,48,000 per kilogram if key domestic support levels fail to hold.
Sources checked by our analysis pipeline: 1
Gold, silver rates today: Amid US Fed rate hike buzz and strong US dollar, the precious metals in the international market witnessed selling pressure during the early morning session on Thursday. The COMEX gold price today slipped below $4,000 per ounce and touched an intraday low of $3,973.80 per ounce. Likewise, the COMEx solver price today went further down and hit an intraday low of $51.160 per ounce, inching close to the 52-week low of $48.050 per ounce. Taking cue from the global markets, the MCX gold rate and MCX silver rates opened lowe.
Gold price on MCX is down by around ₹550 per 10 gm and trading around ₹1,39,000 per 10 gm, whereas silver price on MCX is down by over ₹1,700 per kg. The MCX silver rate is trading below ₹1,83,000 per kg levels. this has triggered the debate whether the gold prices in India would soon touch ₹1.25 lakh per 10 gm and silver prices in India may soon touch ₹1.50 lakh per kg.
According to market experts, gold and silver prices are under pressure due to…
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Trading concluded with a modest downturn across the domestic equity market as major indices lost ground by the final bell. Investors navigated a muted session that left benchmark measures slightly in negative territory. The modest decline reflects cautious positioning among market participants during the trading day.