Gold Price Today, 13 Dec 2022- Prices flat as traders await US inflation data, Fed rate hike decision

Gold Price Today, 13 Dec 2022: Prices flat as traders await US inflation data, Fed rate hike decision

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate was flat on Tuesday as traders await rate hike announcements from central banks across the globe, while silver rate was up 0.56%. On Multi Commodity Exchange, gold February futures were trading at Rs 54,159 per 10 grams, up Rs 27 or 0.05%. Silver March futures were trading Rs 378 higher at Rs 68,164 per kg on MCX. Globally, the yellow metal traded flat as investors remained cautious ahead of the US CPI inflation data, as well as the US Fed’s rate hike decision. Spot gold was steady at $1,781.66 per ounce. US gold futures were up 0.1% at $1,793.40.Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices eased on Monday on the back of some profit taking by the shorter-term futures traders and firm US Dollar index. Major central banks will this week complete the most aggressive year of interest-rate hikes in four decades in their fight against inflation, which has slowed down economies. Another major US data point this week will be the consumer price index report for November to be released later today. CPI is seen coming in up 7.3%, year-on-year.

Bullion prices pressurised by strong US dollar: ICICIDirect report

Gold prices dropped on Monday as investors stayed on the sidelines ahead of US inflation data and a series of central bank meetings across the world, including the Federal Reserve. Further, bullion prices were pressurised by strong US dollar and US treasury yields. Gold prices are expected to trade with a negative bias for the day amid rise in risk appetite in the global markets. However, sharp downside may be capped as investors are anticipating softer inflation and smaller interest rate hikes from the Federal Reserve. MCX gold prices are likely to break the key support level of 54,000 to continue their downward trend towards the level of 53,850 in the coming trading session. Additionally, MCX silver prices are expected to take cues from gold prices and trade towards 67,000 level.