Gold price in India rose on Monday ahead of the festive season. On the Multi-Commodity Exchange (MCX), December gold price rose 0.21 per cent to Rs 47,895 for 10 grams at 0920 hours on October 25. Silver price also rose significantly on Monday. The precious metal increased 0.48 per cent to Rs 65,970 on October 22.
In the international market, gold prices held steady on Monday. Spot gold was little changed at $1,792.95 per ounce by 0148 GMT while US gold futures fell 0.1 per cent to $1,793.70.
US Federal Reserve chief Jerome Powell said earlier this week that inflation could ease next year and the central bank was on track to start tapering its stimulus. US treasury secretary Janet Yellen said on Sunday the United States was not losing control of inflation.
“The US Bureau of Labor Statistics has recently released the inflation data for September concerning the Consumer Price Index (CPI). The report showed that the CPI – urban (CPI-U) has gained by 0.4 per cent, crossing the expectations. The manufacturing business outlook of Philadelphia fell a reading of 23.8 in October, down from its September reading of 30.7. The report along with festive demand in India made the gold prices highly volatile on last Friday. Buy Zone – Rs 47,900 for the target of Rs 48,200. Sell Zone Below- Rs 47,600 for the target of Rs 47,400,” said Dr. Ravi Singh vice president and head of research, ShareIndia.