Gold Rates Today: Gold futures on the Multi Commodity Exchange (MCX) started trading at Rs. 56196.00 per 10 grams, showing a marginal increase of 0.12%. At the same time, the futures price of silver opened at the level of Rs.70. 65726.00 per kg, with a marginal reduction of 0.47%.
Spot silver was down 1.42% as of 2:09 pm GMT and was trading at $21.53 an ounce. Platinum saw a decline of 1.31% to reach the price of $918.38. Palladium, on the other hand, saw a decline of 3.24% and was trading at $1,448.86.
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In response to better-than-expected January retail sales data, gold prices hit fresh lows for the day. The latest figures from the US Commerce Department show retail sales rose 3% last month after a 1.1% decline in December, surpassing the 1.8% growth economists had estimated. Core sales, which do not include vehicle sales, also exceeded expectations, rising 2.3% compared to an expected 0.8% increase.
Meanwhile, the report’s control group, which excludes autos, gas, building materials and food services, rose 1.7% against an expected 0.8% rise. As a result of this news, gold prices were down by nearly $20 in morning trade and April Comex gold futures were trading down 1.22% at $1,842.60.
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