Gold price today falls for third time in 4 days, down ₹9,500 from record highs1 min read . Updated: 14 Sep 2021, 09:59 AM IST
- Gold rate today was down marginally as investors remained cautious ahead of release of key US inflation data
Gold continued to trade in a narrow range today amid subdued global cues. On MCX, gold futures were down 0.1% to ₹46,860 per 10 gram in their third decline in four days while silver futures edged 0.23% lower to ₹63,155 per kg. In India, gold rates are hovering near one-month low as uncertainty over Fed tapering timeline and a stronger dollar weigh on the precious metal. In August last year, gold had hit a record high of ₹56,200 per 10 gram.
In international markets, gold edged lower today as the dollar index was steady near a two-week high while investors also remained cautious ahead of crucial US inflation data due later today.
Spot gold slipped 0.1% to $1,791.16 an ounce. “If the support of $1770 is held, chances of recovery upticks are still on cards. A direct drop below the same would call for corrective selling." domestic brokerage Geojit said in a note.
Among other precious metals, silver fell 0.3% to $23.65 per ounce, platinum dipped 0.2% to $958.73.
“Expect a choppy trading for silver with mild negative bias for the day. Further rallies are seen only a break of $24.60," Geojit added.
Meanwhile, the holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.2% to 1,000.21 tonnes on Monday from 998.17 tonnes on Friday.
US consumer price data is due at 1230 GMT and if readings come in higher-than-expected, the Fed could start tapering bond purchases could shift to November from December, say analysts. Higher treasury yields translate into higher opportunity cost for holding non-interest bearing bullion.
The inflation data comes ahead of the key policy meeting by the Federal Reserve on September 21-22, where gold traders will keep a close eye on central bank's announcement on when it will start winding up its pandemic-era bond-buying programme. (With Agency Inputs)
Never miss a story! Stay connected and informed with Mint. Download our App Now!!