The prices of gold opened marginally higher and that of silver slipped in the key spot markets on Wednesday.
The opening price for 999 purity (24 Karat) gold was Rs 60,603 per 10 grams on Wednesday, up by Rs 24 from Tuesday’s closing price of Rs 60,579 per 10 grams, while that of 999 purity silver was Rs 70,228 per kg up by Rs 477 from 70,705, per kg, according to the data available with India Bullion and Jewellers Association’s (IBJA).
Bullion Purity Opening price (Rs) Previous close (Rs)
Gold (10 gm) 999 60603 60579
995 60360 60336
916 55512 55490
750 45452 45434
585 35453 35439
Silver (1 kg) 999 70228 70705
(Source: India Bullion and Jewellers Association’s (IBJA))
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Spot gold remained unchanged at $1,968.11 per ounce by 0247 GMT after sinking to its lowest since October 24 on Tuesday. The US gold futures were changed a bit at $1,974.70.
According to Ilya Spivak, head of global macro at Tastylive, the geopolitical risk premium is getting digested out. “As central banks turned away from rate hikes, it is ultimately pushing yields lower. So, there’s not much of driving catalysts for gold this week,” Spivak said.
Most of the Fed officials on Tuesday refrained from giving out a hint about the central bank’s next decision, but noted they would focus on more economic data and the impact of higher long-term bond yields.
As per the according to the CME, FedWatch tool, futures point to a roughly 15% chance of another rate hike by January. There’s a 20% chance that cuts could come as early as March, it predicted.
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Elsewhere, spot silver dropped 0.3% to $22.55 per ounce, while platinum rose by 0.1% to $890.42. Palladium slipped 0.8% to $1,047.03, its lowest since October 2018.
–With inputs from Reuters