Gold Prices Today: Yellow metal to stay rangebound ahead of Fed meet, strong US dollar, high bond yield to cap gains

Gold Prices Today: Yellow metal to stay rangebound ahead of Fed meet, strong US dollar, high bond yield to cap gains

The outcome of the meeting may decide the next trigger for gold prices. Gold has an immediate support near Rs 50800 levels, said Ravi Singh - Vice President and Head of Research - ShareIndia.





April 29, 2022 / 09:40 AM IST





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Gold prices edged higher on April 29 in the international markets as lower US Treasury yields outweighed pressure from an elevated dollar, but bullion was still headed for its biggest monthly drop since September on fears of aggressive interest rate hikes by the Federal Reserve.

At 9.27 am, gold contracts were up 0.56 percent at Rs 51,551 for 10 grams on the Multi-Commodity Exchange (MCX) while silver added 0.44 percent to Rs 64,200 a kilogram.

Precious metals gained ground as weak US data indicates a slowdown in the US economy. US GDP data, released yesterday, stood at -1.4 percent while forecasted at 1.1 percent. The International Monetary Fund (IMF) has downgraded the global economic growth, which ramps up the expectation as US economic data have started indicating a slowdown in the economy that may support precious metals at lower levels.

Technically, selling momentum is getting weaker in precious metals that may support gold and silver prices.