Gold rates today: Yellow metal pulls back over high interest rates by US Fed, silver trades flat

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₹70,615 per gram on the multi commodity exchange (MCX). Also Read: US Fed to hold rates at 23-year high-mark until inflation cools, slows pace of balance sheet runoff: 5 key highlights -Analysts say that given the sticky inflationary environment and the relative strength of the US dollar, there has been some pressure on the gold market over the course of the last couple of weeks. They believe the pullback has not yet run its course.

-The US Fed held interest rates steady on Wednesday and signalled it is still leaning toward eventual reductions in borrowing costs, but flagged a 'lack of further progress' on inflation. The Fed's preferred inflation measure - the personal consumption expenditures price index - increased at a 2.7 per cent annual rate in March, an acceleration from the prior month. -Market's attention has now turned to the US non-farm payrolls report due on Friday, and an "extremely strong jobs number" could see the outlook for rate cuts pulled back even further, according to analysts.

-While gold is traditionally considered a hedge against inflation, high interest rates kept by the US central bank to tame the rising prices can increase the opportunity cost of holding the non-yielding bullion. -Today's moves in gold to normal chart consolidation after Wednesday's gains, which were based on notions that while the Fed's statement leaned hawkish, it was not as hawkish as some might have feared, said analysts. COMEX gold prices recouped early losses after the much awaited Fed policy meeting.