Gold Price Today, 13 Feb- Gold flat as traders eye US inflation data, US Treasury yields may rebound

Gold Price Today, 13 Feb: Gold flat as traders eye US inflation data, US Treasury yields may rebound

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading flat on Monday as a result of mixed, while the silver rate is down 0.55%. On Multi Commodity Exchange, gold April futures were trading at Rs 56,728 per 10 grams, down Rs 13 or 0.02%. Silver March futures were trading lower by Rs 364 at Rs 66,300 per kg on MCX.

Globally, the yellow metal prices were lower on Friday as traders awaited U.S. inflation data that would give an insight into the US Fed’s monetary policy trajectory, according to Reuters. Spot gold was up 0.2% to $1,864.10 per ounce. US gold futures for February delivery settled 0.2% lower at $1,874.50 per ounce.

Gold likely to trade with negative bias: ICICIdirect report

Gold prices slipped amid a surge in the dollar index and US treasury yields. Yields moved up as several US Federal reserve officials insisted on a tighter monetary policy for some time to rein the inflation. Additionally, the uptick in US preliminary inflation expectation to 4.2% against the previous reading of 3.9% ahead of key CPI numbers has increased the bets for rate to remain at a higher level.

Gold prices are likely to trade with a negative bias amid a rebound in US treasury yields. Further, investors’ fears risk of higher readings after the Labour department revised its CPI data for the prior three months. Furthermore, futures now price Fed target rate to stay above 5% from May to November, with only a slight decline to 4.862% in December. MCX Gold is hovering near key support at 56,540. A move below would weaken the price towards next key support at 56,200. MCX silver has breached the key support of 50 day EMA at 67,200. Hence, it is expected to slide towards initial support at 66,100.