Gold dips on strong US Dollar, Treasury yields; silver at $31.98
By 10:00 a.m. ET (1400 GMT), spot gold had decreased by 0.7 per cent to $2,345.62 per ounce, while U.S. gold futures fell by 0.4 per cent to $2,346.10.
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By 10:00 a.m. ET (1400 GMT), spot gold had decreased by 0.7 per cent to $2,345.62 per ounce, while U.S. gold futures fell by 0.4 per cent to $2,346.10.
Silver hovered at Rs 91,479 per kg to hit an intraday low of Rs 91,461 on the MCX. In the international market, the price hovered around $30.79 per ounce.
Gold prices dipped by Rs 750 per 10 gm on MCX. After posting significant gains in the past few trading sessions, some profit-booking at higher levels was warranted for both gold and silver. Silver prices have gained 14% in May so far and have shown a decline for the past 2 trading sessions.
Silver hovered at Rs 92,840 per kg and hit an intraday low of Rs 90,340 on the MCX. In the international market, the price was around $30.58 per ounce.
Vandana Bharti expects further upside in base metals with potential Fed rate cuts stimulating economic activity and demand. The de-dollarization trend and high CPI in the US are key factors driving copper and industrial metal prices higher.Bharti says: "We are expecting that in LME we can see a level of $11,500 and on COMEX, we are expecting $5.5 or $5.75 in copper."