Gold, Silver Prices: Yellow Metal Defies Fed's Hawkish Remarks, 24-Carat Rs 240 Away From Hitting Rs 64,000

The prices of precious metals on Saturday rose with 24-carat gold is just Rs 240 away from hitting the Rs 64,000 mark per 10 grams. 22-carat and 18-carat gold is up by Rs 750 and Rs 610 per 10 grams respectively. Meanwhile, silver prices jumped Rs 1,000 per 1 kg. The performance tracks upside in spot gold which crossed $2,070 levels, defying the latest hawkish remarks from the US Federal Reserve.

On Saturday, 22-carat gold price jumped by Rs 750 to Rs 58,450 per 10 grams, compared to Rs 57,700 per 10 grams of the previous day. 1 gram to 100 grams of 22-carat climbed by Rs 75 to Rs 7,500.

Meanwhile, 24-carat gold was available at Rs 63,760 per 10 grams, rising by Rs 810 from Rs 62,950 per 10 grams of the previous day. Prices of 24-carat in 1 gram to 100 grams soared by Rs 81 to Rs 8,100.

Also, the 18-carat gold price rose by Rs 610 to Rs 47,820 per 10 grams, as against Rs 47,210 the previous day. Meanwhile, 1 gram to 100 grams of yellow metal advanced by Rs 61 to Rs 6,100.

Coming to silver prices, in India, 1 kg of silver price jumped by Rs 1,000 to Rs 80,500 from the previous day's print of Rs 79,500 per 1 kg. While prices of 1 gram to 100 grams of silver surged by Re 1 to Rs 100.

As per a Reuters report, U.S. Federal Reserve policymakers signalled that the central bank's interest rate hikes are likely over, but left the door open to further monetary policy tightening should progress on inflation stall, and pushed back on market expectations for a quick pivot to rate cuts. Fresh data shows price pressures are easing and the labour market is gradually cooling, evidence that the slowdown the Fed has tried to engineer with its rate hikes to date is underway.

On Friday, Rahul Kalantri, VP of Commodities, Mehta Equities said, "Fall in the crude oil prices despite a deeper output cut decision by OPEC+ also restricted gains of precious metals. However, the U.S. PCE core inflation came as per expectations and the Euro-zone inflation slipped more than expected in November which supported the bullion prices. The ECB could maintain the status quo on interest rates and there is a possibility of a rate cut in early 2024 that could aid gold and silver prices."

At MCX, gold futures with December expiry ended broadly flat at Rs 63,355 per 10 grams, while silver prices with March expiry dropped by Rs 122 or 0.2% to Rs 77,965 per 1 kg.

At present, spot gold in London soared by 1.57% to over $2,072 an ounce, while US gold futures with December expiry skyrocketed by 1.72% to $2,073.20 an ounce.