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Last Updated : Oct 17, 2019 05:30 PM IST | Source: Moneycontrol.com

Gold price today: Yellow metal futures in the red on weak spot demand

Weaker US consumer data may trigger one more rate cut by the US federal reserve in the next policy meet which is positive for gold.

Gold prices fell in the early trade in the domestic futures market on October 17, as investors restricted their bets, taking cues from the spot market.

December futures for the yellow metal traded at Rs 38,170 per 10 gram, down Rs 49, or 0.13 percent, on the MCX around 0935 hours.

Gold prices slipped Rs 310 to Rs 38,334 per 10 gram in Mumbai bullion market on October 16 on a stronger Rupee and weak overseas trend, PTI reported.

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The rate of 10 grams 22-carat gold in Mumbai was at Rs 35,114 plus 3 percent GST, while 24-carat 10 gram was Rs 38,334 plus GST.

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However, the loss for the yellow metal was capped due to positive global cues and weakness in Indian rupee.

Gold was steady, with US gold futures rising 0.1 percent to $1,495.60, as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day, Reuters reported.

Market observers are of the view that in the near-term, Gold and Silver prices are likely to remain volatile.

Weaker US consumer data may trigger one more rate cut by the US federal reserve in the next policy meet which is positive for Gold.

"Other than the hopes of a rate cut, prices will also get support from the fear of US-China trade deal. We expect both the precious metals -gold and silver - to remain volatile and will trade both sides on global news outcome," Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.

Jain expects Gold to trade in the range of Rs 37,900-38,350 for today's session. Silver is expected to trade in the range of Rs 44,700-45,600.

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First Published on Oct 17, 2019 09:53 am
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