Gold Prices Today: Yellow metal to hold support of Rs 51,700 amid volatility; buy on dips

Gold Prices Today: Yellow metal to hold support of Rs 51,700 amid volatility; buy on dips

Gold has been stuck in a range and this may continue unless there are fresh triggers; however, with persisting geopolitical risks, prices may remain supported, says Ravindra Rao of Kotak Securities.





April 11, 2022 / 09:57 AM IST





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Gold prices eased on Monday in international markets as the dollar and Treasury yields firmed on prospects of aggressive interest rate hikes by the US Federal Reserve, while fresh concerns over Russia's attacks in eastern Ukraine lent some support to the safe-haven metal.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.15 percent, trading at Rs 52,151 for 10 grams at 9.42 am, while silver was up 0.22 percent at Rs 67,142 a kilogram.

COMEX gold trades marginally lower near $1942/oz after a 0.4 percent gain in the previous session. Gold is pressured by firmer dollar and higher bond yields as Fed officials express support for faster monetary tightening to get inflation under control. However, supporting gold are concerns about the Chinese economy amid rising virus cases and disappointing economic data, continuing Russia-Ukraine fighting and persisting inflation. ETF investors moved to sidelines awaiting fresh triggers. Gold has been stuck in a range and this may continue unless there