Gold in the international markets on concerns around the US Fed tapering timeline fell a good over 2.5% in the previous day's trade. Nonetheless, the losses have been partially recovered, even though the recent US retail data which came in good uplifted the dollar once again in trade.
In the international markets, spot gold at 3:7 NY time is trading with gains of close to 0.51% at $1762.6 per ounce. In the futures market too, gold futures traded with gains of 0.4% at $1763.
US retail sales number came in better than expected
In the US, retail sales number painted a better picture and posted a figure of 0.8% as against a decline anticipated of 0.7%. On the development, dollar got a boost but last was seen trading with some weakness at 92.78 3:23 am EDT.
MCX gold prices
Gold prices in the previous day's trade corrected by close to Rs. 1000 while silver saw a massive downside of over 3.4% or Rs. 2100, nonetheless it has regained partially on the slide in the dollar index. Meanwhile, the US benchmark treasury yield is also down by a tad of 0.12% at 1.329%.
In trade on September 17,2021, gold prices are up by a tad at Rs. 46121, while silver heads higher in price by a marginal Rs. 200 to Rs. 61,275 per 10 gm.
Outlook for gold going ahead:
It is suggested that gold which is seeing sideways movement for some time and oscillating between $1700- $1800 per ounce in the international markets, needs to hit levels of Rs. 47,000 on the MCX for the precious yellow metal to stage an upward rally.