Gold Prices Today: Volatile trade ahead of FOMC meeting minutes, selling expected at higher levels

Gold Prices Today: Volatile trade ahead of FOMC meeting minutes, selling expected at higher levels

Gold has support at Rs 50,840–50,650, while resistance is at Rs 51,340–51,550. Silver has support at Rs 61,510-60,950 and resistance is at Rs 62,380–62,710, said Rahul Kalantri, VP Commodities at Mehta Equities.





May 25, 2022 / 09:53 AM IST





Representative Image



Gold prices hovered near a two-week high on Wednesday in the international markets buoyed by a pullback in US Treasury yields and the dollar, with downbeat sentiment in riskier assets adding to safe-haven bullion's appeal. Spot gold held its ground at $1,865.39 per ounce, as of 0042 GMT. US gold futures were also steady at $1,864.80.

At 9:30am, gold contracts were down 0.15 percent at Rs 51,078 for 10 gram on the Multi-Commodity Exchange (MCX) while silver added 0.05 percent at Rs 62,010 a kilogram.

Precious metals are trading near two weeks' higher levels as the US dollar index remains down the previous session. US benchmark Treasury yield also slipped 4 percent. Investors are awaiting for the Fed's meeting to be released later in the day and the continue selling pressure in the global equity market may attract investors toward precious metals.

Ahead of the FOMC meeting minutes, the day trend in the precious metals may remain volatile