Gold and silver prices rise as dollar weakens ahead of Fed minutes

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Gold and silver prices rise as dollar weakens ahead of Fed minutes

Amid a weakening US dollar and anticipation of the Federal Reserve's upcoming meeting minutes, gold and silver prices have seen significant increases. Gold surged to $1993 per ounce on COMEX, while on MCX, the price rose by Rs 330, reaching Rs 61,034 for every 10 grams. Silver also experienced a notable rise, climbing approximately 1% internationally to $23.82 per ounce and jumping to Rs 73,200 per kg in domestic markets.

The precious metals' gains coincide with the US dollar hitting a more than two-month low and Treasury yields nearing two-month lows last week. Spot gold internationally was up at $1,988.29 an ounce, with US futures slightly higher at $1,990.10. Meanwhile, spot silver was priced at $23.64 an ounce. Other precious metals showed mixed movements, with platinum remaining steady at $918.59 an ounce and palladium experiencing a minor decline to $1,076.26 an ounce.

Market analysts provided key support and resistance levels for both gold and silver as investors focus on the Federal Reserve's minutes for potential shifts in interest rate policies. The market is speculating over a fifty percent chance of a rate cut in May, according to CME's FedWatch Tool predictions.

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