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    Gold price today: Yellow metal falls as global benchmarks retreat from one-month high

    Gold price today: Yellow metal falls as global benchmarks retreat from one-month high

    Gold price today: Yellow metal falls as global benchmarks retreat from one-month high
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    By Asmita Pant   IST (Published)

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    Domestic gold prices extended losses on Monday amid choppy trade in domestic equities. Global gold benchmarks slipped from more than one-month high ahead of US inflation data due later in the day.  

    Domestic gold prices extended losses on Monday amid choppy trade in domestic equities. Global gold benchmarks slipped from more than one-month high ahead of US inflation data due later in the day.
    MCX gold October futures climbed 0.4 percent to touch the intraday low of Rs 52,255 per 10 grams. White metal future, fell 0.7 percent to Rs 58,400 per kilogram.
    Ravindra Rao, VP- Head Commodity Research at Kotak Securities said, "US inflation data is expected to see some easing in price pressure which may give Fed room to slow down the pace of rate hikes but the question is if one reading will be enough for Fed to alter its stance. An improvement in inflation is already factored in so unless we see a significant improvement, we do not expect the Fed to alter its stance which may keep pressure on gold prices."
    Dr. Ravi Singh, vice President and head of Research, Share India sees a buy zone in MCX gold futures at Rs 52,200 for a target of Rs 52,500, and a sell zone below Rs 52,100 for a target of Rs 51,800.
    Indian equity benchmarks opened in green in choppy trade amid mixed cues from global markets. The rupee edged higher to 79.56 against the US dollar.
    The dollar index — which gauges the strength in the greenback against six peers — remained flatish.
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