Gold prices today edged lower in Indian markets after a sharp gain in the previous session. On MCX, gold was down 0.1% to ₹48265 per 10 gram after posting nearly 1% gain in previous session that took prices to one-month high levels.
Silver rates were also flat today at ₹69,480 per kg. In global markets, gold rates were flat at $1,824.81 per ounce after hitting four-month high of $1,829.55 in the previous session. In his testimony before the Congress, Fed chief Jerome Powell reiterated his view that the current spike in inflation is transitory and that the central bank is transitory and the central bank is focused on getting as many people back to work as possible.
Among other precious metals, silver fell 0.3% to $26.16 per ounce while platinum dipped 0.5% to $1,123.83. Silver prices remain inside the tight trade inside $26.80-25.40 levels and breaking any of the sides would suggest fresh direction to the commodity for the day, say analysts.
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