Today in the Indian market, Gold prices hit a high to over two-year highs, tracking firm global rates. 

On MCX, gold futures were up 0.6% to Rs 55,546 per 10 grams, while silver jumped 1.4% to Rs 70,573 per kg.  

In global markets, gold prices rose to a six-month high while the dollar index was steady. Spot gold rose 0.8% to $1,838.69 an ounce, while spot silver rose 1.1% to $24.25. Last week, all traders met in December to better understand the central bank’s tightening path. The Fed raised interest rates by 50 basis points (bps) in December after raising rates four times in a row by 75 basis points.

Gold is considered a hedge against inflation and economic uncertainty, but higher interest rates increase the opportunity cost of holding gold because it pays no interest. To long-term investors from short-term investors, the brokerage has a target of Rs 58,000 in gold and Rs 73,000, followed by Rs 82,000 in silver.