Gold prices dip | Daily News

Gold prices dip

Gold prices yesterday slipped after a sharp selloff in the previous session. On MCX, gold futures were down 0.1% to 50,087 per 10 gram while silver fell 0.2% to 56719 per kg.

Gold and silver prices fell sharply on the back of a strong US inflation data that also sent the dollar index and bond yields higher. In global markets, gold was flat yesterday and traded near $1,704.03 per ounce.

“COMEX gold traded flat weighed down by recovery in the US dollar and higher bond yields in reaction to US inflation data. A slightly bigger than expected rise in consumer prices rekindled worries that the Fed may continue with aggressive rate hikes,’ said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

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