Today's gold market has all the excitement of a suspenseful novel. The yellow metal is holding its breath, trading flat in both the Indian and international markets.
In India, MCX gold prices edged up by a modest 0.05% to reach ₹62,209 per 10 grams, while silver prices added a touch of sparkle with a 0.08% gain, reaching ₹72,105 per kg.
On the global stage, the drama unfolds as international gold prices maintain their composure, with investors adopting a cautious stance ahead of the highly anticipated US inflation data. Spot gold saw a modest rise of 0.1%, reaching $2,031.30 per ounce, while US gold futures mirrored the sentiment with a 0.2% increase, reaching $2,036.90 per ounce.
The protagonist of this story, gold, finds itself at a crossroads, struggling to gain traction as traders await the unveiling of the US consumer inflation figures. The impending revelation holds the key to unlocking the mystery of when the US Federal Reserve might make its move in adjusting interest rates. A commodity analyst sheds light on the situation, stating, "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."
Analysts, like seasoned detectives, provide their insights, suggesting that gold MCX prices may find support at ₹61,800, with a formidable resistance looming at ₹62,600. Meanwhile, for MCX silver prices, the support is anchored at ₹71,000, while resistance stands tall at ₹73,000.
The plot thickens as bullion prices stand their ground, undeterred by the ascent of the dollar index and the persistent strength of yields on 10-year US Treasury notes, which remain above 4%. Investors, akin to eager readers, now eagerly await the climax scheduled for Thursday—the unveiling of the US consumer price inflation report. Anticipation runs high, with expectations pointing to a 0.2% rise in headline inflation for the month and a more substantial 3.2% surge on an annual basis, according to Reuters estimates. The stage is set, and the unfolding events promise a riveting narrative in the world of gold trading.
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