Gold Price Today: MCX Gold Rates Slip Ahead of Key US Inflation Report

Market Performance

Gold prices edged lower on the MCX on Friday morning as investors awaited a crucial U.S. inflation report. The MCX Gold December futures were trading at ₹123,552 per 10 grams, down 0.44% around 9:06 IST.

Silver also saw a decline, with MCX Silver December contracts down 0.98% at ₹147,052 per kg.

Despite the dip, gold prices have seen a remarkable rise of over 50% year-to-date, buoyed by ongoing global trade tensions. The market now keeps a close eye on next week’s trade discussions between the U.S. and China, with geopolitical developments continuing to shape investor sentiment.

Key Influences on Gold Prices

Several global events contributed to the softening of gold prices:

• Geopolitical tensions: U.S. sanctions on Russia, aimed at pressuring Moscow over Ukraine, created uncertainty.
• Monetary policy watch: The market anticipates potential Federal Reserve rate adjustments, maintaining gold’s appeal as a non-yielding asset.
• Currency impact: The dollar index rose for the third consecutive session, making gold costlier for investors holding other currencies.

Global Market Trends

Gold prices in international markets also moved lower on Friday:

• Spot gold fell 0.2% to $4,118.68 per ounce as of 03:15 GMT.
• The weekly performance shows a 3% decline, marking its first drop in ten weeks and the largest weekly percentage fall since mid-May.

Silver mirrored this trend:

• Spot silver dropped 0.6% to $48.62 per ounce.
• Over the week, silver saw a 6% decline, its most significant weekly fall since March.

Summary

Friday’s market movement highlights the cautious sentiment among investors ahead of major U.S. inflation data. While both gold and silver prices dipped, the yearly gains in gold remain strong, reflecting continued global uncertainties and the persistent influence of trade and geopolitical developments.