Gold Silver Reports (GSR) – Spot gold was little changed at $1,209.71 per ounce at 0431 GMT. On Friday, prices fell to their lowest since Oct. 11 at $1,206.13 per ounce. “Higher US interest rates and a stronger dollar are flashing red for gold investors,” said Stephen Innes, APAC trading head at OANDA in Singapore.
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Global gold prices steadied today after touching a one-month low in the previous session, but the metal remains under pressure from a firmer US dollar and expectations the Federal Reserve is on track to tighten borrowing costs.
There was little to no safe haven appeal and robust US leading indicators showed the US services-based economy was firing on all cylinders, suggesting the Fed will hold the course on expected rate rises, he said.
डॉलर सूचकांक , जो छह प्रमुख मुद्राओं के मुकाबले डॉलर की स्थिति को मापता है, 0.1 प्रतिशत बढ़ा।
पिछले सप्ताह की बढ़त के साथ डॉलर में वृद्धि हुई और यह 16 महीने के उच्चतम स्तर पर पहुंच गया।
The Fed has reaffirmed its plan to raise interest rates by in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.
“It seems like the bears are back in control… It’s disappointing that every time gold starts to rally it runs out of steam so fast,” a Hong Kong-based trader said.
The precious metal has fallen about 11 percent from its April peak after investors preferred the dollar as the U.S.-China trade war unfolded against a background of higher U.S. interest rates.
Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion.
रॉयटर्स के तकनीकी विश्लेषक वांग ताओ ने कहा कि हाजिर सोना is expected to test a support at $1,201, with a good chance of breaking below this level and falling more to $1,192, said Reuters technical analyst Wang Tao.
Hedge funds and money managers cut their net short position in gold by 8,136 contracts to 37,486 contracts, data showed.
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