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Yellow Metal Rises Despite Weak Global Cues

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Gold Prices Today: Yellow metal rose on the MCX despite weak global cuesYellow metal prices in India witnessed marginal rise on the MCX on Tuesday, March 22, 2022 despite weak global cues as gold futures were trading Rs 151 or 0.3 per cent up at Rs 51,806 per 10 grams.Silver May futures too were slightly higher as they were at Rs 68,811 per kg, up Rs 462 or 0.7 per cent on MCX.Internationally though, yellow metal prices fell as US Treasury yields hit fresh multi-year highs following Federal Reserve chair Jerome Powell's aggressive inflation stance, while safe-haven bullion remained underpinned by escalation in the Ukraine crisis.Spot gold was down 0.2 per cent at $1,931.84 per ounce, while US gold futures were flat at $1,930.20.Mr Powell indicated that the US central bank would raise interest rates by bigger-than-usual amounts if necessary to bring down inflation that was running "much too high."The yield on the benchmark 10-year Treasury note jumped above 2.3 per cent for the first time since May 2019, while a closely watched gap between rates for two- and 10-year Treasury notes flattened further, a potential sign of an economic downturn. Slowing gold's slide, Ukraine said on Monday it would not obey ultimatums from Russia after Moscow demanded it stop defending besieged Mariupol, intensifying the conflict.




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