NEW DELHI: Gold on the Multi-Commodity Exchange of India opened slightly lower on Thursday, tracking global prices as investors awaited US economic data for guidance on the Federal Reserve policy.
MCX gold rate for December expiry declined Rs 122, or 0.11 per cent, at Rs 1, 13, 525 per 10 grams, down from Wednesday’s close of Rs 1, 13, 647.
The MCX silver opened lower by approximately Rs 1, 000 per kg but rebounded quickly by 0.31 per cent to Rs 1, 34, 415 per kg as of 9.15 A.M.
The price of 24-carat gold (1 gram) was at Rs 11, 358 at 10.10 A.M., according to data published by the India Bullion and Jewellers Association (IBJA).
Spot gold in international markets remained near $3, 734 an ounce, while US gold futures for December traded around $3, 765, as the dollar index fell approximately 0.1 per cent.
Meanwhile, analysts say that bullion continues to receive support from robust central bank purchases and sustained inflows into ETFs and that the MCX October gold futures may decline to Rs 1, 12, 000 if global trends weaken.
The Fed Chair’s cautious remarks on inflation, labour market and future rate cuts could act as a cap on bullion’s gains.