Gold and silver prices steady after US inflation report, PPI exceeds expectations

Image Source : FREEPIK Gold and Silver Prices Steady or Slightly Lower After US Inflation Report, PPI Exceeds Expectations

Gold Rate Today: On the Multi Commodity Exchange (MCX), gold futures began trading at Rs. 55917.00 per 10 grams, showing a slight rise of 0.55%. On the other hand, silver futures opened at Rs. 65090.00 per kilogram, with a slight decrease of 0.83%.

As of 5:16 pm GMT, spot silver experienced a decrease of 0.06% and was trading at $21.61 per ounce. Platinum saw a rise of 1.21%, reaching a price of $926.08. On the other hand, Palladium saw an increase of 2.28% and was trading at $1,497.29.

Gold and silver prices are showing slight weakness or remaining steady during early U.S. trading on Thursday, following the release of a U.S. inflation report, which revealed an increase in inflation. The U.S. producer price index report for January, which was released on Thursday, showed a month-on-month increase of 0.7%, surpassing the December PPI forecast of a 0.4% increase, following a decline of 0.5% in December from November.

This report is aligned with the views of U.S. monetary policy hawks, who advocate for the Fed to continue raising U.S. interest rates to counter inflation.

Most global stock markets are showing gains, but U.S. stock indexes are expected to open lower when the New York day session begins.

The key outside markets indicate that the U.S. dollar index is weaker and undergoing a corrective pullback from recent gains, while Nymex crude oil futures prices are slightly up at around $78.75 a barrel. The yield on the benchmark U.S. 10-year Treasury note is currently at 3.788%.

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