Gold Rate Today: On the Multi Commodity Exchange (MCX), gold futures began trading at Rs. 56646.00 per 10 grams, showing a slight decrease of 0.18%. On the other hand, silver futures opened at Rs. 66000.00 per kilogram, with a slight decrease of 0.38%.
As of 3:58 pm GMT, spot silver experienced a decrease of 0.33% and was trading at $21.90 per ounce. Platinum saw a decrease of 0.12%, reaching a price of $952.38. On the other hand, Palladium saw a decline of 0.91% and was trading at $1,551.93.
Gold prices inched higher on February 14, 2023, as investors awaited the release of the US Consumer Price Index (CPI) data, which measures the rate of inflation. The precious metal is often viewed as a hedge against inflation, as it tends to retain its value when other assets lose value due to rising prices.
At the time of writing, gold prices were trading at around $1,782 per ounce, up 0.2% from the previous day’s close. The modest increase was in line with similar movements in other precious metals, including silver and platinum.
Investors and traders are closely monitoring the CPI data, which is set to be released later in the day. The data is expected to show a significant increase in inflation, driven in part by supply chain disruptions and rising energy prices.
If the CPI data exceeds expectations, it could potentially lead to increased market volatility and trigger a sell-off in equities and other riskier assets. On the other hand, if the data is in line with expectations, it could help to calm investor fears and provide support for safe-haven assets like gold.