Gold Edges Lower Amid Hopes of Interest Rate Pause

Gold and silver prices in India traded mixed on Thursday morning amid hopes that the US Federal Reserve may hold off raising interest rates. The yellow metal edged lower, down 0.37% from the previous close, while silver extended its gains for a third straight session.

The Multi Commodity Exchange (MCX) saw gold futures open at Rs 1,43,882 per 10 grams, but later fell to an intraday low of Rs 1,43,771, down 0.45% or Rs 659 from the previous close.

Silver, however, outperformed gold, jumping as much as 0.84% or nearly Rs 2,000 to Rs 2,32,339 per kg, its intraday high so far. The white metal was trading at Rs 2,30,790, up Rs 406 or 0.18% from the previous close.

The international market saw gold down 0.14% at $4,076 per ounce, while silver edged up 0.14% to $60.59 per ounce. Market experts pointed out that gold witnessed profit booking after COMEX gold corrected from its previous session's peak of $4,115 per ounce.

Experts also noted that softer-than-expected US jobs data and lower crude oil prices helped limit losses in the yellow metal. Silver, meanwhile, maintained its positive momentum, supported by easing US inflation expectations and comments from the US Federal Reserve Chairman suggesting there is no urgency to raise interest rates.