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Gold Prices Today: Recession fears, weak dollar to support precious metal as investors eye US GDP data

Prospects of a looming slowdown in the US, cooling inflation and labour market coupled with a Fed pivot are likely to continue bolstering gold prices, says Ravindra V Rao of Kotak Securities

January 23, 2023 / 10:20 AM IST
Gold, Gold prices

Gold, Gold prices

Gold was trading higher in India on January 22 morning, mirroring gains in the international market as a softer dollar and prospects of slower interest rate hikes by the US Federal Reserve boosted bullion's appeal.

At 10.01 am, gold was trading 0.11 percent higher on the Multi Commodity Exchange (MCX) at Rs 56,722 for 10 grams, while silver was up 0.59 percent at Rs 68,953 a kilogram.

Spot gold was up 0.3 percent at $1,932.12 a troy ounce at 0255 GMT. US gold futures, too, were up 0.3 percent at $1,934.70.

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