Gold at Rs 1.47 lakh per 10 gm, silver at Rs 2.09 lakh a kg after US inflation data
Gold and silver rose on the Comex and in the domestic market on Thursday after US retail inflation data was released, with MCX gold at Rs 1,47,648 per 10 gm.
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The US government released retail inflation data on Wednesday evening. The figures sent a shock not only through the US but across the world. According to the data, retail inflation has risen in the US, and the effects of inflation are now being felt directly there as well.
Soon after the data was released, around 8 pm on Wednesday, gold and silver prices fell sharply in the commodity market. On the Multi Commodity Exchange, silver fell by more than Rs 11,000, while gold dropped 1.3 per cent.
According to the US Bureau of Labor Statistics, the headline CPI, or Consumer Price Index, rose 0.6 per cent in September, and the core CPI rose 0.3 per cent. The rise is on a monthly basis. Forecasts were for 0.6 and 0.2 per cent respectively, while the August figures were 0.4 and 0.3 per cent.
After the retail inflation data was released, gold and silver prices rose sharply on the Comex, the international market. At the time of writing, gold on the Comex had risen 1.53 per cent to $4,170.70 per ounce. Silver had also gone up 0.50 per cent to $59.155 per ounce.
Prices of both gold and silver have also risen in the domestic market. Today, October 15, gold has climbed to around Rs 1.47 lakh per 10 gm. Silver has reached around Rs 2.09 lakh per kg.
On the MCX, gold for December delivery rose by Rs 1,800 and is priced at Rs 1,47,648 per 10 gm. Silver rose by Rs 1,500 and reached Rs 2,09,800 per kg.
Both gold and silver saw a sharp rise as soon as the market opened today. At present, 24-carat gold is priced at around Rs 1,40,090 per 10 gm and 22-carat gold at around Rs 1,33,916 per 10 gm. 18-carat gold is around Rs 1,09,568 per 10 gm, while silver in the bullion market is around Rs 2,08,340 per kg.
