Gold price in India remained stable on Wednesday. On the Multi Commodity Exchange (MCX), the October gold contract was trading at Rs 47,215 per 10 grams, down 0.10 per cent at 1000 hours on September 15. On Wednesday, there was a sharp fall in the prices of silver. The price of the precious metal had fallen 0.27 per cent on September 15. Silver price remained under pressure throughout the week.
In the international market, gold prices remained stable in the United States due to a lower-than-expected rise in inflation. Spot gold held steady at $1,802.92 an ounce as of 0318 GMT, while US gold futures were down 0.2% at $1,804.30. The Consumer Price Index (CPI) was up just 0.1 per cent against an expected rise of 0.3 per cent in the previous month. This is the lowest increase in February this year. The US dollar index fell after inflation data. The US 10-year yield hit its lowest level since Aug. 24 on Tuesday.
“International gold and silver prices have started weakening marginally in Asian trade on Wednesday morning. The US dollar and yields recovered slightly from last night’s losses and remained confined on an upside. However, weak inflation data has cast doubt on the Federal Reserve’s taper timeline. The Fed meeting is due next week. So by that time gold could track the data, along with the retail sales data this week,” said Sriram Iyer, senior research analyst at Reliance Securities.
“Technically, LBMA Gold bounced back above the $1800 level which could see the $1810-$1823 level. Support is at the $1792-$1786 level. LBMA Silver traded below the $24.00 level. This is likely to see a minor downside move towards the $23.30-$22.88 level. Resistance lies at the $23.95-$24.10 level,” Iyer said.
“Looking at the overseas prices, domestic gold and silver prices may start from marginally weaker on Wednesday morning. On the domestic front, MCX Gold may see a rise above the October level of Rs 47,000 to Rs 47,400-47,600 levels. Support is near Rs 47,100-47,000 level. On MCX, silver can come in the level of Rs 63,800-64,300 above Rs 62,500 in December. Support lies at Rs 63,000-62,700 levels.
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