Gold Rates Today: Gold prices fall on MCX, find out how much the price has dropped
The continuous rally in the bullion market has now come to a halt. Gold prices on MCX have fallen today. Gold futures for the February contract saw a decline of approximately 0.27 percent this morning. After this decline, the price has come down to Rs 134,525 per 10 grams. As for silver, the March futures contract saw a decline of Rs 635. Silver is now trading at Rs 206,800.
Gold Rates Today: Gold prices fall on MCX
It is worth noting that MCX Gold February futures closed 0.36% higher at Rs 134,894 per 10 grams on Wednesday. The March futures contract was at a record high of Rs 207,833.
The US Consumer Price Index (CPI) data for November will be released today, and investors are closely watching it. Investors are also paying attention to the Personal Consumption Expenditures Price Index data, which will be released on Friday.
Why did gold prices fall?
If the US inflation figures come in lower than expected today, the price of gold could rise further. However, investors have low expectations of this. The dollar has strengthened today, shifting investor focus away from gold and towards the dollar.
Market volatility is also expected on Friday due to the Bank of Japan’s (BoJ) policy decision. This is because the BoJ is widely expected to raise its benchmark interest rate to its highest level in three decades.
