gold price today: Gold futures on the Multi Commodity Exchange (MCX) started trading at Rs. 56646.00 per 10 grams, showing a marginal decrease of 0.18%. At the same time, the futures price of silver opened at the level of Rs.70. 66000.00 per kg, with a marginal reduction of 0.38%.
As of 3:58 PM GMT, spot silver was down 0.33% and was trading at $21.90 an ounce. Platinum saw a decline of 0.12% to reach the price of $952.38. Palladium, on the other hand, saw a decline of 0.91% and was trading at $1,551.93.
Gold prices edged higher on February 14, 2023, as investors await the release of US Consumer Price Index (CPI) data, which measures the rate of inflation. The precious metal is often viewed as a hedge against inflation, as it tends to retain its value when other assets lose value due to rising prices.
At the time of writing, gold prices were trading at $1,782 an ounce, up 0.2% from the previous day’s close. The modest increase was in line with similar movements in other precious metals including silver and platinum.
Investors and traders are closely monitoring the CPI data, which is scheduled to be released later in the day. The data is expected to show a significant rise in inflation, due to supply chain disruptions and rising energy prices.
If the CPI data exceeds expectations, it could potentially increase market volatility and trigger a selloff in equities and other riskier assets. On the other hand, if the data is in line with expectations, it could help calm investor fears and provide support for safe-haven assets like gold.