Gold prices in India traded flat on Wednesday following steady international prices as investors stayed on the sidelines ahead of key US inflation data this week.
MCX gold prices traded 0.05% higher at ₹62,209 per 10 grams. Silver prices also gained 0.08% to trade at 72.105 per kg.
International gold prices held steady as investors refrained from making big bets in anticipation of a US inflation print that could offer more clarity on when the US Federal Reserve might start cutting interest rates, Reuters reported.
Spot gold rose 0.1% to $2,031.30 an ounce, while U.S. gold futures rose 0.2% to $2,036.90 an ounce.
“Gold prices have struggled to gain traction as traders seek clarity on the Federal Reserve’s rate hike before making bets. Market focus is on the release of US consumer inflation figures. Expectations for aggressive policy easing from the Fed have eased, while geopolitical risks and concerns about China’s economic recovery are supporting gold,” a commodities analyst said.
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According to analysts, gold MCX prices may find support at ₹61,800, while resistance is seen at ₹62,600. Support for MCX silver prices is placed at ₹71,000 and resistance at ₹73,000.
Bullion prices remained grounded even as the dollar index rose and yields on 10-year US Treasuries remained above 4%.
Investors are now eyeing Thursday’s US consumer inflation report, which is expected to show that headline inflation rose 0.2% on the month and 3.2% on the year, according to Reuters estimates.
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Disclaimer: The opinions and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 10 Jan 2024, 10:55 IST