Gold Price Today: Yellow metal prices fall from higher levels, hover near Rs 85,000/10 gram
gold price witnessed profit booking from its higher levels (all-time high of Rs 86,360/10 gm). Gold April futures contracts at MCX were trading slightly lower today at Rs 85,056 per 10 grams, which is down by 0.55% or Rs 467.
Meanwhile, the silver March futures contracts were trading lower at Rs 94,041/kg, down by 0.56% or Rs 527.
On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold April futures contract settled at Rs 85,523 per 10 grams with a loss of 0.34% and silver March futures contract settled at Rs 94,568 per kilogram with a loss of 0.76%.
Gold and silver prices showed very high volatility and slipped from their highs after the US Fed Chairman turned down rate cut possibilities. Gold prices hit a record high of $2,968 per troy ounce in the international markets and also hit 86,000 levels in the domestic markets but were unable to sustain at higher levels.
The US Fed Chairman said that the US economy is in good shape but inflation is well above the Fed’s target rate of 2.0% and the central bank remains cautious on further rate cuts.
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