Gold Prices Today: Yellow metal to remain under pressure ahead of US job data, Jerome Powell speech

Gold Prices Today: Yellow metal to remain under pressure ahead of US job data, Jerome Powell speech

Ravindra Rao of Kotak Securities is of the view that with mixed factors, prices may remain rangebound but we may see some selling pressure if equities manage to build on recent gains.





April 21, 2022 / 09:56 AM IST





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Gold prices dipped on Thursday in international markets tracking a rebound in US Treasury yields and the dollar, which continued to weigh on demand for safe-haven bullion.

At 9.37am, on the Multi-Commodity Exchange (MCX), gold contracts were down 0.07 percent, trading at Rs 52,592 for 10 grams, while silver fell 0.31 percent to Rs 68,194 a kilogram.

Gold and silver prices extended losses yesterday but prices remained sideways through the day. Today the trend in precious metals may remain down ahead of US job data and Fed Chair Jerome Powell speech. Gold is likely to test its crucial support of Rs 51,100 while silver may test Rs 67,400 levels. However, downside in precious metals may remain limited due to speculation over Russia-Ukraine peace talk, said Nirpendra Yadav, senior commodity research analyst at Swastika Investmart.

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Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices moved higher on Wednesday as the US dollar reversed lower. Following