Gold rate and silver rate edged higher in Indian markets today but the gains were muted amid flat global rates. On MCX, February gold futures were up 0.1% to one-month high of today gold rate is Rs 48,613 per 10 gram while silver rose 0.17% to Rs 64,069 per kg.
In global markets, gold was steady fuelled by escalating Ukraine tensions but concerns about a faster pace of US Federal Reserve policy tightening capped gains. Spot gold was little changed at $1,840.24 per ounce while silver fell 0.8% to $23.77 an ounce.
While gold stays above $1830 expect upticks to continue while a break below $1780 is a weak signal, domestic brokerage Geojit said. Gold prices were flat with a positive bias on Tuesday, following global trends.
On Multi Commodity Exchange, gold February futures were trading at Rs 48,595 per 10 gram, up Rs 31, as against the previous close of Rs 48,564. Silver March futures were also ruling in the positive territory, up Rs 112 , at Rs 64,067 per kg, as compared to the last close of Rs 63,958 per kg.
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Globally, yellow metal prices were little changed as investors looked for interest rate hike cues from the U.S. Federal Reserve’s meeting, while safe-haven bullion was buoyed by risk-off trades over concerns of Russia-Ukraine discord, according to Reuters. Spot gold was flat at $1,841.56 per ounce while U.S. gold futures were also steady at $1,842.90.
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