Gold steady, silver rebounds: Key global cues driving market sentiment today

Both gold and silver prices saw mixed movement on Thursday (February 19), with gold slipping marginally after recent gains and silver rebounding, as the US dollar strengthened ahead of a critical US inflation report that could shape the Federal Reserve’s interest rate path.

Spot gold fell 0.4% to $4,961.57 an  ounce, after gaining 2.1% in the previous session. US gold futures for April delivery declined 0.6% to $4,981  an ounce. Spot silver rebounded to around $76 per ounce during Asian market hours, reflecting a recovery from recent declines.

In domestic markets, gold of 99.9% purity slipped by ₹300 to ₹1.56 lakh per 10 grams on Wednesday (February 18), while silver rose by ₹1,000 to ₹2.46 lakh per kg in New Delhi.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said, “Near-term sentiment remains cautious amid a firm US dollar and uncertainty over Fed policy. Safe-haven demand and central bank buying continue to support prices on dips.”
Global cues also influenced market sentiment. Minutes from the latest Federal Reserve policy meeting indicated officials were more cautious than expected about rate cuts, adding uncertainty to the US monetary outlook.

Economic data showed industrial production in January rose at its fastest pace in nearly a year, while orders for core capital goods exceeded forecasts in December, boosting the US dollar.

“Gold remained confined to a narrow trading range amid mixed cues,” said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities.

Geopolitical developments added a modest positive sentiment, with the US and Iran agreeing on guiding principles for future nuclear negotiations during talks held earlier this week.

–With agencies inputs

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