Gold prices fell on Wednesday due to a stronger US dollar and better-than-expected US retail sales data.
In the national capital Delhi on Wednesday, the price of gold fell by Rs 200 to Rs 79,100 per 10 grams. In the previous session, gold of 99.9 percent purity had closed at Rs 79,300 per 10 grams. All India Bullion Association gave this information. According to PTI news, the price of gold of 99.5 percent purity fell by Rs 200 to Rs 78,700 per 10 grams on Tuesday from the previous closing price of Rs 78,900 per 10 grams. Experts say that the market is ready for the results of the US Federal Reserve (Fed) meeting, which can provide further guidance for bullion prices, in such a situation gold is adopting a defensive mode.
gold in futures market today
In futures trade on MCX, gold contracts for February delivery were trading up Rs 74, or 0.1 per cent, at Rs 76,945 per 10 grams. In MCX, gold is trading around Rs 76,950. Comex gold futures rose 0.08 percent to 2,664 in the Asian trading session. Reached $10 an ounce. Jatin Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said gold is trading within a range as markets await the Fed’s policy announcement tonight. Trivedi said the policy statement is expected to determine the next move in gold prices.
This is why the price of gold fell today
Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said gold prices fell on Wednesday due to the strengthening US dollar and better-than-expected US retail sales data. Gandhi said US economic resilience and warm inflation data in recent months, along with solid consumer spending, means the Fed may pause its rate-cutting cycle at the January meeting, which is a negative for the precious metals.
Manav Modi, Commodity Research Analyst at Motilal Oswal Financial Services Ltd, said gold declined due to strengthening US dollar, rise in treasury yields, mixed US economic data and ceasefire update. According to traders, investors will focus on Fed Chair Jerome Powell’s remarks and updated economic projections. He said that this will affect the dollar and give some impetus to the price of gold.
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