Gold prices was steady in Indian markets today amid flat global rates. Gold futures were up 0.15% to Rs 48,000 per 10 gram while silver futures rose 0.24% to Rs 61665 per kg. In the previous session, gold had jumped 1% or Rs 550 per 10 gram while silver had risen 0.73% or Rs 444 per kg.
Gold prices was steady at at $1,783.91 per ounce even as Omicron cases across the world went up. Investors weighing the prospect of the Fed to accelerate the tapering of their asset purchases when they meet later this month.
US employment data released on Friday showed slowed considerably in November, but the unemployment rate plunged to a 21-month low of 4.2%. Reduced stimulus and interest rate hikes tend to push government bond yields up, raising the opportunity cost of non-interest-bearing gold.
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The dollar index edged 0.1% higher, raising gold’s cost for buyers holding other currencies. Among other precious metals, spot silver rose 0.3% to $22.57 an ounce while platinum jumped 0.8% to $939.78. “Gold prices were up by almost $20 from its low on Friday after employment data showed some tightening in job market and fears increasing for new virus.
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