Gold and silver prices today on 28-05-2024: Check latest rates in your city“Gold is trading slightly lower on profit-booking after yesterday’s sharp up-move, as some caution is seen among traders ahead of the inflation data from Germany/ Eurozone and U.S., which could influence the policy decision of the European Central Bank and U.S. Fed, respectively.
Also absence from fresh triggers from the market have kept the bullion’s in a range," said Pranav Mer, VP - Research (Commodity & Currency) BlinkX and JM Financial.Non-yielding precious metals, often considered a safeguard against inflation, experienced a decline following the release of Federal Reserve meeting minutes last week. The minutes indicated that, at present, the strategy entails keeping the benchmark rate unchanged, but also highlighted deliberations on potential future increases.Market participants are factoring in approximately a 63 per cent probability of a rate decrease by November, and are eagerly anticipating the release of the core personal consumption expenditures price index (PCE), the Federal Reserve's favored measure of inflation, scheduled for Friday.Also read: Weekly Stocks: ICICI Direct suggests three shares with 8% upside potential to buy this weekBack home, gold futures trading fell by ₹166 to reach ₹71,843 per 10 grams, as traders trimmed their holdings.
On the MCX, contracts for June delivery of gold were down by ₹166, trading at ₹71,843 per 10 grams, with a business turnover of 4,742 lots.“Gold prices were weak in the first half of the session in both Comex and MCX markets. Following a strong rally yesterday, prices paused within a small range of $2,340-$2,353 in Comex and ₹71,770- ₹72,030 in MCX.
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