Gold slips on MCX at Monday open, 24-carat futures down Rs 475 to Rs 1,47,391 per 10 grams
Gold futures on the Multi Commodity Exchange fell 0.32 per cent by afternoon on Monday, as analysts pointed to US inflation data and crude oil prices.
Gold prices keep moving up and down in both the bullion and futures markets. On Monday, the first day of the week, gold fell as the market opened.
The futures price of 24-carat gold on the Multi Commodity Exchange (MCX) fell 0.32 per cent by afternoon to Rs 1,47,391 per 10 grams, a drop of Rs 475. It had closed at Rs 1,47,866 per 10 grams on the previous trading day.
According to bullion dealers, 24-carat gold was recorded at Rs 1,49,830 per 10 grams in the market. In the international market, gold has reached $4,182.80 per ounce. According to GoodReturns data, 24-carat gold was at Rs 1,49,330 per 10 grams.
According to the IBJA, morning gold rates per 10 grams were: 24-carat Rs 148198, 22-carat Rs 135749, 18-carat Rs 111149 and 14-carat Rs 86696.
The price of 24-carat gold today in Mumbai, Nashik, Nagpur, Kolhapur, Sangli, Jalgaon and Chh. Sambhajinagar has been reported at Rs 149180 per 10 grams.
Several commodity market experts spoke about the global and economic reasons behind the prices. Gaurav Garg, head of research at Lemon Brokers, said US inflation figures came in weaker than expected, which has changed market expectations about the US Federal Reserve's interest rates. This had a positive effect on gold prices.
According to Praveen Singh, head of commodities at Mirae Asset Sharekhan, soft inflation figures supported the rise in gold. But rising crude oil prices held back the rally to some extent. He also said the uncertainty over the Strait of Hormuz is becoming a very important factor for the market.
According to Saumil Gandhi, senior analyst at HDFC Securities, investors will now closely watch the US ISM Manufacturing PMI, weekly jobless claims and statements by Federal Reserve officials for the direction and signals of upcoming monetary policy.
