Gold, silver price on 16 May 2024: Yellow metal climbed to near one-month high, hovering above 73K levels

gold, silver price on 16 may 2024: yellow metal climbed to near one-month high, hovering above 73k levels

Gold, silver price on 16 May 2024: Yellow metal climbed to near one-month high, hovering above 73K levels

Gold prices on the MCX hovered at Rs 73,128 per 10 grams on Thursday, hitting an intraday low of Rs 73,040. In the international market, prices maintained a similar trend, hovering around $2,391.26 per ounce. This indicates a certain level of stability in the gold market.

Meanwhile, silver hovered at Rs 86,963 per kg and hit an intraday low of Rs 86,905 on the MCX. In the international market, the price hovered around $29.58 per ounce.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "Gold climbed to near one-month high, aided by a weaker dollar and lower Treasury yields after data showed U.S. consumer prices rose less than expected in April, boosting chances of the Fed lowering interest rates."

The US CPI rose 0.3% last month after advancing 0.4% in March and February, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations for a September interest rate cut, added Modi.

The headline and Core CPI on an annual basis were also reported lower by 0.1% and 0.3%, respectively, than the previous month. The dollar fell 0.6% against major currencies, hovering below the 105 mark, the lowest in over a month.

Similarly, Benchmark 10-year Treasury yields hit s more than one-month low. Along with inflation, US retail sales and the NY state manufacturing index were reported lower than expectations, further adding gains for safe-haven assets.

Expectations for a rate cut in September after yesterday's data, updates regarding geopolitical tensions, and an attack on Slovakia PM (a NATO country) also increased the safe-haven appeal for Gold and silver. Modi said, "Focus today will be on US industrial production, weekly jobless claims, the Philly Fed manufacturing index, and a few housing numbers, triggering volatility in the market."

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, says, "Gold remained positive, trading above Rs 72650 in MCX and $2370 in Comex, marking a gain of more than Rs 350 and $11 respectively. The prices witnessed buying on the positive forecast for US CPI data to be released in the evening, hinting at inflation cooling off, which could prompt the Fed to cut rates sooner. The bullish trend in gold prices remains intact as long as prices stay above Rs 70000 in MCX."

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