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Yellow Metals Rise Despite Weak Global Indicators


Gold Prices Today: The yellow metal rose on the MCX despite weak global indicators

Yellow metal prices in India saw a small rise on the MCX on Tuesday, March 22, 2022 despite weak global indicators as gold futures traded Rs 151 or 0.3 per cent up at Rs 51,806 per 10 grams.

Silver May futures were also slightly higher as they were at Rs 68,811 per kilogram, up Rs 462 or 0.7 per cent on the MCX.

Internationally, yellow metal prices fell as U.S. Treasury yields hit new highs in several years following Federal Reserve chairman Jerome Powell’s aggressive inflation stance, while safe -haven ingots remained supported by an increase in the Ukrainian crisis.

Spot gold was down 0.2 percent at $ 1,931.84 per ounce, while U.S. gold futures were unchanged at $ 1,930.20.

Mr Powell noted that the U.S. central bank would raise interest rates by a larger amount than usual if necessary to bring down inflation that is running “too high.”

Yields on benchmark 10 -year Treasury notes jumped more than 2.3 percent for the first time since May 2019, while the closely watched gap between rates for two- and 10 -year Treasury notes continued to flatten, a sign of a potential recession.

Slowing the fall of gold, Ukraine said on Monday it would not abide by Russia’s two words after Moscow demanded it stop defending besieged Mariupol, intensifying the conflict.

Agrasmartcity

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