Gold and Silver Prices Dip as Markets Await Key Economic Data
On October 7, spot gold prices saw a decline of 0.53 percent, trading just above $4,142 per ounce. Meanwhile, US gold futures fell by 0.33 percent, nearing $4,173 per ounce. Domestic spot gold closed the previous session at Rs 1,47,756 per 10 grams, while silver settled at Rs 2,22,505 per kilogram. The MCX gold futures for December delivery rose by 0.55 percent to Rs 1,50,131 per 10 grams, and silver futures increased to Rs 2,27,365 per kilogram.
The market's attention is now focused on the Reserve Bank of India's monetary policy decision and key US economic data, including the Core PCE Price Index, unemployment data, and Nonfarm Payrolls. These factors could shape expectations regarding the Federal Reserve’s monetary policy path.
The article also provides a breakdown of gold prices for 24 Karat, 22 Karat, and 18 Karat purity, though specific details on these rates are not included in the summary.