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Gold, Silver Rate Today, Feb 12: Gold and silver prices declined on Thursday (February 12), weighed down by a stronger US dollar as global investors awaited key US economic data, including initial jobless claims and Consumer Price Index (CPI) inflation data due later this week.
As of 6:30 am (IST), spot gold fell 0.7 per cent, or USD 33, to trade at USD 5,050.20 per ounce. Meanwhile, spot silver dropped nearly 2.5 per cent, or USD 2.1, to USD 82.24 per ounce. (Gold Rate Today, Silver Rate Today)
Gold and Silver prices on MCX
At the time of writing, trading had not commenced on the Multi-Commodity Exchange (MCX). In the previous session, MCX silver futures settled marginally higher by 0.1 per cent, or Rs 317, at Rs 2,62,701 per kg, while MCX gold futures settled slightly lower at Rs 1,58,650 per 10 grams. (Gold, Silver prices in India)
Why are gold prices falling?
The US dollar index was up 0.1 per cent at 96.89 against a basket of major currencies. A stronger dollar typically weighs on gold prices because gold is dollar-denominated, making it more expensive for foreign buyers and less attractive compared to yield-bearing US assets.
Geopolitical factors cap losses
Limiting further downside, geopolitical tensions remain in focus. Ahead of Israeli Prime Minister Benjamin Netanyahu's visit to the US, Iran warned that his influence could be “destructive” for future talks between the two nations.
Geopolitical uncertainty generally boosts gold as a safe-haven asset, increasing demand during periods of global instability.
US Inflation Data in Focus
Investors across the globe are closely monitoring the US initial jobless claims data and the upcoming US CPI inflation data due on Friday.
The Consumer Price Index (CPI) measures the average change over time in the prices consumers pay for goods and services and serves as a key indicator of inflation. CPI data is crucial for gold and silver prices because it influences interest rate expectations and the strength of the US dollar, both of which directly impact bullion markets.
Analyst Take on Gold and Silver
Manav Modi of Motilal Oswal told ET Now Swadesh that, "Fundamentals remain intact for gold and silver, so a cautious approach with stop-losses is advised. Dips are opportunities to buy, focusing on upcoming triggers and events." (Gold, silver prices outlook)
Analyst Amit Khade added, "Entry around Rs 1,57,400, target Rs 1,64,000, stop-loss Rs 1,54,000. Fundamentals are strong, and a bounce back in prices is expected."
Gold prices in Delhi, Mumbai, Chennai and other
| City | 24 carat gold (10 grams) |
| Delhi | Rs 1,59,760 |
| Mumbai | Rs 1,59,610 |
| Kolkata | Rs 1,59,610 |
| Patna | Rs 1,59,660 |
| Chennai | Rs 1,61,360 |
| Lucknow | Rs 1,59,760 |
| Ghaziabad | Rs 1,59,760 |
| Noida | Rs 1,59,760 |
| Gurugram | Rs 1,59,760 |
| Chandigarh | Rs 1,59,760 |
The gold rate in Chennai is currently the highest among major cities at Rs 1,61,360 per 10 grams, while gold price in Mumbai and Kolkata stands at Rs 1,59,610 per 10 grams.
Find out the latest Gold Price Today in India exclusively on ET NOW. What is the price of gold today in Delhi, Mumbai, Lucknow, and Patna? What are the reasons for the fall in Gold prices?
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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