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Gold prices today rise slightly, silver rates drop. Check latest rates

By Livemint
Gold, silver rates today: On MCX, gold was near ₹50,911 per 10 gram while silver dropped 0.4% to ₹60,520 per kg. (AFP)

“COMEX gold trades mixed near $1850/oz after a gain yesterday. Gold has recovered from 3-month low as US dollar index and bond yields shed some of their recent gains. Gold also benefited from increased demand as inflation hedge as inflation data from major economies highlighted higher price pressure. ETF outflows and Fed’s monetary tightening outlook has however kept a check on gold price. Gold has stabilized near $1850/oz level however a sharp rise may not materialize unless US dollar index corrects sharply,"said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

A weaker dollar makes the greenback-priced gold attractive for overseas buyers, while lower Treasury yields reduce the opportunity cost of holding zero-yield bullion.

Spot gold was up 0.2% at $1,855.11 per ounce after rising as much as 1% in the previous session. Among other precious metals, spot silver was up 0.1% to $21.57 per ounce, while platinum dipped 0.2% to $990.64.

Data released on Wednesday showed US consumer price index (CPI) rose 0.3% last month, the smallest gain since August. However, on a annual basis, the consumer price index climbed 8.3% on an annual basis in April, easing from 8.5% in March but outstripping the 8.1% estimate of economists.

US President Joe Biden called April's overall slow-down in inflation "heartening"  but acknowledged inflation was still a major challenge.

The Fed raised its benchmark overnight interest rate by half a percentage point last week, the biggest hike in 22 years. 

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Dive Deeper:
Gold rates today fall to near lowest in 3 months, silver prices drop
Gold prices today: The precious metal has come under pressure since price came closer to ₹56,000 in early March
Gold rates today struggle, down ₹5,000 in 2 months, silver prices edge up
After coming closer to ₹56,000 levels in March, gold has since come under strong selling pressure as central banks across…
Gold rates today dip, down ₹4,500 in 2 months, silver prices drop
Weighing on gold price is persistent strength in US dollar and higher bond yields amid expectations that Fed may continue…
Petrol, diesel prices today: Check latest rates in Delhi, Mumbai, other cities
In Mumbai, the prices of petrol and diesel stood at ₹120.51 and ₹104.71 respectively
One subscription that gives you access to news from hundreds of sites
Gold price today: Dollar continues to drag yellow metal rate. Good time to buy?
Gold price today: Key headwind behind the slide in precious metal price is impressive surge in the dollar index towards…
Gold rates today fall to lowest in 3 months, down ₹1,500 in a week
Gold and silver rates today: After recent correction, the precious metal is down about ₹6,000 from March highs while silver…
Get all your news in one place