Gold Prices Today: Yellow metal to hold support at Rs 51,400; traders can buy on dips

Gold Prices Today: Yellow metal to hold support at Rs 51,400; traders can buy on dips

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Gold prices inched lower on Thursday in international markets as the US dollar firmed up after minutes of the Federal Reserve's March meeting indicated an aggressive stance to combat inflation, denting the safe-haven metal's appeal.

On the Multi-Commodity Exchange (MCX), gold contracts were marginally down 0.02 percent trading at Rs 51,585 for 10 gram at 9:37am and silver shed 0.14 percent to Rs 66,214 a kilogram.

Gold and silver prices are trading range-bound with concern over high inflation adjusting expectation of high-interest rates by the US Fed. However, US bond yield and Dollar index continue to rise which puts pressure on Gold and Silver prices in short term.

US oil prices fell around 3 percent in the previous session that colling off the safe-haven appeal. Gold prices are trading in a range of 52,000-51,200 either side break of the range will decide further move, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

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Rahul Kalantri, VP Commodities, Mehta Equities

Bullions has been witnessing a lackluster performance over the last six trading sessions. The precious metal is displaying back and forth moves in a range of $1,915.22-1,949.86, while silver moves in range of $24-$25.05. It is worth noting