Gold prices in India traded flat on Wednesday tracking steady international prices as investors remained on sidelines ahead of the 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 refused to make big bets awaiting US inflation print that could offer more clarity on when the US Federal Reserve might begin cutting interest rates, Reuters reported.
Spot gold rose 0.1% to $2,031.30 per ounce, while US gold futures rose 0.2% to $2,036.90 per ounce.
“Gold prices struggled to gain traction and as traders are seeking clarity on the Federal Reserve’s rate cut path before making bets. Market focus is on the release of US consumer inflation figures. Expectations for aggressive policy easing by the Fed have been scaled back, while geopolitical risks and concerns over China’s economic recovery support gold,” said a commodity analyst.
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According to analysts, gold MCX prices may get 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 stood ground even as the dollar index ticked up and yields on 10-year US Treasury notes remained above 4%.
Investors now lookout for Thursday’s US consumer price inflation report that is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis, as per Reuters estimates.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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