Gold prices today remain weak
In Indian markets, gold underperformed due to weak global cues, but silver maintained over the 70,000 level. Gold futures on the MCX remained unchanged at 47,309 per 10 gramme, while silver futures rose 0.35 per cent to 70,425 per kg. Gold rates were marginally lower on worldwide markets, pushed down by a higher US dollar.
Gold was down 0.1 per cent at $1,785.41 per ounce in the spot market, sliding from a two-week high in the previous session. Silver dipped 0.2 per cent to $26.40, among other precious metals. Gold ETF flows remained sluggish. The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, While the jobs report in the United States concerns about the Federal Reserve’s hawkish tilt last month, central banks around the world are beginning to withdraw emergency support used to combat the pandemic-driven global slump.
Despite ongoing curbs against a recent Covid-19 flareup, the Reserve Bank of Australia is set to reduce some stimulus at its meeting on Tuesday its holdings drop to 1,042.58 tonnes on Friday, down from 1,043.16 tonnes the day before.
As the Indian economy reopens, gold was sold at a premium for the first time in more than two months last week, with demand gradually recovering.Asian stocks were flat Monday after U.S. equities continued their surge on expectations that the Federal Reserve will continue to provide significant stimulus. The price of oil fell as a result of OPEC+ tensions.
In the midst of an OPEC+ conflict, oil was trading about $75 per barrel. The world economy is left speculating how much oil it will obtain next month because of the deadlock between Saudi Arabia and the United Arab Emirates.Markets are pricing in the continuation of an incredibly well-constructed scenario “AXA Investment Managers’ chief investment officer for core investments, Chris Iggo, wrote in a note.
“Investors are living with the risk that is perceived to be manageable, while growth and the technical set-up of our financial system rewards risk capital.”After the jobs report was perceived as supporting the Fed’s accommodating stance, Treasuries rose and the dollar fell on Friday. On Monday, the greenback recouped some of its losses. Investors are looking for signs on the policy outlook in the Federal Open Market Committee minutes, which will be released later this week.