Gold Price Today, 10 Feb- Gold slips as dollar edges up; fears of further rate hikes from US Fed dampen appeal

Gold Price Today, 10 Feb: Gold slips as dollar edges up; fears of further rate hikes from US Fed dampen appeal

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading lower on Friday due to mixed global cues, while the silver rate is down 0.82%. On Multi Commodity Exchange, gold April futures were trading at Rs 57,170 per 10 grams, down Rs 232 or 0.41%. Silver March futures were trading lower by Rs 549 at Rs 67,324 per kg on MCX. Globally, the yellow metal prices remained flat, set for their second weekly decline, as the prospect of continued interest rate hikes by the U.S. Fed dented gold’s appeal, according to Reuters. Spot gold was flat at $1,861.11 per ounce. For the week so far, the metal was down 0.2%. U.S. gold futures fell 0.3% to $1,873.00. The dollar edged up 0.1% against its rivals, and was set for a weekly gain. A stronger greenback makes dollar-priced gold more expensive for buyers holding other currencies.Gold prices around one month low: Manav Modi, MOFSL

Gold prices hovered around one month low amid pressure from rising short-term yields, and were headed for a second consecutive weekly loss as markets reassessed their expectations of more interest rate hikes from the Federal Reserve. A string of hawkish signals from Fed officials kept the metal under pressure, as Fed Chair Jerome Powell and several other speakers warned that interest rates will likely rise further. Weekly jobless claim data was reported better than expectations , but remained at levels consistent with tighter labor markets. Uncertainty over a U.S. recession also grew, as a deepening inversion in the yield curve sent warning signs on the economy. Focus today will be on UK GDP, India IIP and Michigan inflation expectations. Broader trend on COMEX could be in the range of $1835-1870 and on domestic front prices could hover in the range of Rs 56,300-57,000.