Gold price April 12, 2022: The yellow metal trades higher on MCX
Gold price April 12, 2022: The yellow metal rate is higher on MCX, as June gold futures traded at Rs 376 or 0.7% to Rs 52,560 / 10 grams from the close. before it was Rs 52,179 / 10 grams.
Silver for May futures was trading at Rs 767 or 1.14% at Rs 68,061 per kg.
Globally, gold prices edged higher as risk appetite waned ahead of US inflation data that could support the Federal Reserve’s positive policy stance to curb upside pressure, Reuters reports. .
Earlier, on Tuesday, gold prices fell initially in international markets as Treasury yields and the dollar rose ahead of US inflation data.
Then, spot gold rose 0.3% to $1,958.61 an ounce, after touching a near-month high on Monday. US gold futures rose 0.8% to $1,962.90.
ABC Bullion’s global general manager, Nicholas Frappell, said gold is catching on to weaker equity markets and geopolitical tensions while facing difficulties from a weaker crude oil, dollar, and dollar weakness. stronger and real yields rise.
The dollar index is back above 100, testing last week’s near two-year high of 100.19, while the benchmark 10-year Treasury yield rose to its highest since December 2018 .
A stronger dollar makes gold less attractive to holders of other currencies, while higher US interest rates and yields increase the opportunity cost of holding gold bars, which are also used as a hedge against inflationary pressures.
