Gold price today: Gold rates dropped in the domestic futures market on Thursday (January 8) morning on profit booking amid a rise in the US dollar and bond yields. MCX gold February futures were 0.25% down at 1,37,663 per 10 grams at 9:25 am, while MCX silver March futures were 0.33% down at 2,49,779 per kg at that time.
Precious metals are witnessing profit booking as the dollar index trades near a two-week high, and the benchmark 10-year US Treasury yield rebounds from the one-week low hit on Wednesday.
While a stronger dollar makes gold more expensive for overseas buyers, higher bond yields increase the opportunity cost of holding gold, thereby denting demand for the yellow metal.
In the previous session, the February gold futures contract fell by 0.7%, and the March silver futures contract suffered a deeper loss of over 3%.
(This is a developing story. Please check back for fresh updates.)
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
