Gold Price Today: Investors try to absorb US Fed#39;s hawkish stance; resistance for yellow metal at resistance at Rs 48,350

Gold Price Today: Investors try to absorb US Fed#39;s hawkish stance; resistance for yellow metal at resistance at Rs 48,350

Gold prices in the international market traded on a positive note on December 16 as the market took into stride the US Fed's hawkish tone related to bond purchase taper and interest rate hikes.

At 9.30 am, the gold contracts in India were up 0.51 percent trading at Rs 48,330 for 10 grams on the Multi-Commodity Exchange (MCX), on December 16. Silver futures also opened on a positive note and were up 1.92 percent at Rs 61,365 a kilogram.

The precious metals ended mixed on December 15 amid weakness in the rupee.

On the Multi-Commodity Exchange (MCX), the gold traded in a narrow range of Rs 47,950 and Rs 48,250 on Wednesday. At close, it ended flat at Rs 48,078 per 10 grams with a marginal gain of Rs 6 (+0.01 percent). Earlier it had opened at Rs 48,039 and made a day’s low of Rs 47,950 and day’s high of Rs 48,240.

Silver, on the other hand, ended lower by Rs 584 (-0.96percent) at Rs 60,234 per 10 grams. During the day it made a high of Rs 60,984 and the low was at Rs 60,050.

In the international markets, Gold and silver slipped again amid double tapering and three potential rate hikes