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Yellow metal trades flat, silver tops Rs 62,000

Category: Economy

Date: 2022-05-24T06:35:11+0000
Yellow metal trades flat, silver tops Rs 62,000

Shafaq News / Gold was trading flat in the domestic market, with muted gains, bucking the trend in the international market, where the bullion edged lower.

However, the gains in the US dollar rebounded slightly, weighing upon the demand of the yellow metal. On the other hand, benchmark US 10-year treasury yields eased, limiting losses in zero-yield gold.

Gold futures on MCX were trading flat, up 0.02 per cent or Rs 9 up at Rs 50,916 per 10 grams. Similarly, silver futures added merely 0.03 per cent or Rs 18 at Rs 61,321 per kg.

The safe-haven dollar clawed back some of its overnight losses. A stronger dollar makes bullion more expensive for overseas buyers.

In other news, European Central Bank President Christine Lagarde said the ECB will likely raise interest rates at its July meeting, he added

Bullion, seen as a safe store of value during times of economic crises, tends to become less attractive to investors when US interest rates are raised because it yields nothing.

"The FOMC minutes of the May meeting will be released later today and the Fed Chairman's speech is also due this week. We expect both precious metals to remain volatile in today’s session," said Kalantari.

(The Economic Times)

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