Gold price today: the yellow metal tests the level of Rs 46K, silver down to Rs 160

NEW DELHI: Hurt by a stronger dollar and rising US Treasury yields, gold and silver futures fell on Tuesday as investors await more information from Federal Reserve officials on the central bank monetary policy change.

The dollar index rose 0.1%, making gold more expensive for holders of other currencies. Overnight, benchmark 10-year US Treasury yields hit their highest level in three months.

MCX gold futures fell 0.15% or Rs 67 to Rs 46,002 for 10 grams. Silver futures fell 0.26 percent or Rs 158 to Rs 60,476 per kg.

“Gold is limited in the range as support for concerns about global growth and rising inflation amid the energy crisis is thwarted by the strength of the US dollar and heightened expectations of monetary tightening from the US. share of the Fed and other central banks. ETF exits also show lower investor interest. Gold could remain volatile as safe-haven purchases will be offset by Fed rate hike expectations, ”said Ravindra Rao, vice president of commodities research at Kotak Securities.

On the spot market, the highest purity gold was sold at Rs 46,170, while silver was priced at Rs 60,341 on Monday, according to the Indian Bullion and Jewelers Association.

Commercial strategy
“We expect gold prices to trade sideways lower for the day with COMEX spot gold support at $ 1,740 and resistance at $ 1,770 an ounce. MCX Gold support for October is at Rs 45,800 and resistance at Rs 46,300 per 10 grams, ”Patel said.

Global markets
Spot gold fell 0.1% to $ 1,748.01 an ounce at 1:15 GMT, while US gold futures fell 0.3% to $ 1,747.50.

Poland’s central bank has more than 230 tonnes of gold and plans to increase its reserves, the head of the Polish Central Bank said on Monday.

Silver fell 0.8% to $ 22.47 an ounce. Platinum fell 0.5% to $ 976.07, while palladium fell 0.6% to $ 1,952.44.

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