Gold, silver lose sheen
The Hindu
Precious metals did not have a particularly positive start to 2022.
Precious metals did not have a particularly positive start to 2022. After a recovery in mid-January, both gold and silver dropped sharply towards the end of the month. News flow associated with the U.S. Federal Reserve’s decision on an increase in interest rates and attendant impact on the U.S. dollar played a key role in influencing precious metals prices.
Comex gold lost 1.8% to close at $1,796.4 an ounce at the end of January. Comex silver saw a deeper cut of 4.1% to settle at $22.39 an ounce.
In the domestic market, MCX gold futures dropped 1.1% to close at ₹47,632 per 10 gm. MCX silver futures closed 2.7% lower at ₹60,976 per kg, at the end of January.
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