Gold Price Today Jumps to Rs 50,680 after US Fed Rate Hike; Will it Rise Further?

Gold price in India rose sharply on Thursday

Gold Price Today, June 16, 2022: On MCX, gold price future gained 0.48 per cent to Rs 50,680 for 10 grams at 0920 hours on June 16

  • Last Updated:June 16, 2022, 10:20 AM IST
  • FOLLOW US ON:

Gold prices future in India jumped sharply on Thursday, following global cues. On the Multi-Commodity Exchange (MCX), gold price future gained 0.48 per cent to Rs 50,680 for 10 grams at 0920 hours on June 16. Silver price also witnessed a huge jump. The precious metal future climbed 0.71 per cent to Rs 61,125 for a kilogram on Thursday.

In the international market, gold price eased on Thursday, as dollar recovered slightly after United States Federal Reserve rate hike. Spot gold fell 0.1 per cent to $1,831.63 per ounce, as of 0235 GMT, while US gold futures rose 0.8 per cent to $1,833.40.

The United States Federal Reserve on Wednesday increases its target interest rate by three-quarters of a percentage point to a range of 1.5-1.75 per cent to tackle soaring inflation in the country. It was the biggest rate hike by the US central bank since 1994.

Gold Price, Silver Price Outlook

“MCX gold prices are expected to rise further towards Rs 51,000 for the day primarily due to easing dollar index. Silver prices are expected to take cues from gold prices and may rally towards Rs 62,500 levels for the day,” said ICICI Direct in a note.

Read all the Latest News , Breaking News watch Top Videos and Live TV here.