Gold futures on MCX were down slightly 0.10 percent, or 47 rupees, at 47,213 rupees per 10 grams. Silver futures declined 0.29 percent, or Rs 186, to Rs 63,399 per kg.
The yellow metal rose after US CPI data matched expectations. Expected US CPI data will now fuel the debate on the Fed’s phasing out. However, a stronger dollar may limit the rise in gold.
The data has cast a shadow of uncertainty over the Federal Reserve’s phasing schedule, as a two-day monetary policy meeting is due to be held next week.
Ravindra Rao, CMT, EPAT, VP – Head of Commodity Research at Kotak Securities, said gold rallied after yesterday’s gain, but remains supported by the turmoil of the US dollar, renewed concern about the virus, the Disappointing economic data from China, concerns about China’s regulatory crackdown and geopolitical surge. tensions.
“ETF investors stepped aside after brief entries earlier in the week. Gold may witness choppy trading alongside the US dollar, however, mounting challenges to the global economy and easing pressure of prices in the United States can keep prices sustained, “he added.
On the spot market, the highest purity gold was sold for 47,017 rupees per 10 grams, while silver was priced at 62,806 rupees per kg on Tuesday, according to the Jewelers and Bullion Association of India.
The spot price of the yellow metal has declined by around Rs 400 in the last week, while silver has plunged to Rs 1,300 per kg during the same period.
Sandeep Matta, Founder, TRADEIT Investment Advisor, said: “Gold rose after the release of the Consumer Price Index, which clearly indicates that inflationary pressures are still hanging over the economy and it is the right time to sit down with cash. Or invest in a safe paradise. ”
“We expect gold prices to trade sideways to rise for the day with COMEX Spot gold support at $ 1,790 and resistance at $ 1,815 per ounce. October MCX Gold support is at Rs 46,900 and resistance at Rs. 46,500 for 10 grams, “said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold was flat at $ 1,802.92 per ounce at 0318 GMT, after hitting a one-week high of $ 1,808.50 on Tuesday. US gold futures were down 0.2% at $ 1,804.30.
Silver fell 0.3% to $ 23.76 an ounce. Platinum hit a nine-month low of $ 926.26 and was last down 0.4% at $ 935.52. Palladium was down 0.3% to $ 1,971.91.