Gold prices hardened on Wednesday, making the most of a subdued dollar, as investors developed cold feet ahead of a US inflation report that could decide the direction of future rate hikes.
The yellow metal also leaned on solid demand by jewellers.
MCX Gold futures were trading 0.27 per cent up at Rs 30,301 per 10 grams at around 11 am (IST). MCX Silver futures went up 0.10 per cent to Rs 38,284 per kg
Nirmal Bang Commodities said, “We expect gold prices to trade higher for the day, buoyed by a weaker dollar, while investors awaited US inflation data for clues on the pace of future US interest rate increases.”
The latest holdings of SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund (ETF), stood at 823.66 tonnes, up 2.95 tonnes from the previous business day.
The corresponding figure for the largest silver-backed ETF, New York’s iShares Silver Trust SLV, read 9,767.91 tonnes, barely changed.
SMC Investments and Advisors said, “The US CPI and retail sales data, along with the movement of the greenback, will give further direction to the bullion prices. Gold can move in a range of Rs 30,050-30,400 per 10 grams while silver can move in range of Rs 38,000-38,500 in the near term.”
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