Gold Prices Today: Upside for yellow metal to remain capped amid strong dollar; high inflation to lend support

Gold Prices Today: Upside for yellow metal to remain capped amid strong dollar; high inflation to lend support

Gold may witness some more correction to trade near the levels of Rs 49500 in coming weeks. Higher inflation and geopolitical volatility are supporting gold prices, but various physical tightening measures by central banks to curb inflation and stronger dollar are pushing gold to lower levels, said Ravi Singh - Vice President and Head of Research at ShareIndia.





May 16, 2022 / 09:48 AM IST





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Gold prices on Monday rose in international markets above the more-than-three-month low level hit in the previous session, as a weaker dollar outweighed pressure from higher US Treasury yields. Spot gold was up 0.3% at $1,815.69 per ounce as of 0057 GMT. US gold futures gained 0.2% to $1,812.20.

At 9:37 am, gold contracts were up 0.17 percent at Rs 49,957 for 10 gram on the Multi-Commodity Exchange (MCX), while silver added 0.47 percent at Rs 59,610 a kilogram.

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Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices saw weak trading on Monday with spot prices at COMEX near $1810 per ounce in morning. Gold prices traded under pressure on stronger dollar reporting a fourth weekly decline. Traders and investors weighed on aggressive rate hike in