New Delhi, 25 September (IANS). Gold on the Multi Commodity Exchange (MCX) opened in a decline on Thursday as investors were waiting for US economic data for guidelines on the Federal Reserve policy.
The price of MCX Gold for December expiry declined by Rs 122 or 0.11 percent to Rs 1,13,525 per 10 grams, which closed at Rs 1,13,647 on Wednesday.
The MCX silver increased by 0.31 percent to Rs 1,34,415 per kg at around 9.15 am.
According to data released by the India Bullion and Jewelers Association (IBJA), the price of 24 carat gold at 1 to 55 pm was Rs 11,323 per gram.
Spot Gold in the international market stood around $ 3,734 an ounce, while the US gold futures were around $ 3,765 for December with a decline of nearly 0.1 percent in the dollar index.
Analysts say the bullion is getting support from the strong procurement of the central bank and continuous investment in ETFs and if global trends are weakened, MCX October Gold Futures may fall to Rs 1,12,000.
Careful comments of Fed Chair on inflation, labor market and future interest rate cuts can ban the bullion growth.
Manav Modi, a research analyst (precious metal) of Motilal Oswal Financial Services Limited, said, “PBOC is using Shanghai Gold Exchange to encourage the central banks of allies to buy and store bulls in his country.
He said that traders are awaiting signs from US Economic Data such as US GDP, inflation, durable Goods Orders data to get information about the Federal Reserve Policy.
In addition, the demand for safe-hevan metal has increased due to geopolitical stress. NATO has warned Russia that it will take all necessary military and non-monitor measures to protect itself, while US President Donald Trump said Ukraine could regain all the Russian occupied areas.
-IANS
SKT/