Gold price fell below 3-month high, silver rate also declined

US Federal Reserve’s introduction of cut in bond purchases will put pressure on gold prices

The price of gold was trading with a fall in the domestic market on Thursday after reaching a nearly three-month high in the previous session. On MCX, the futures contract for gold was down 0.2 per cent at Rs 47,820 per 10 grams and that of silver was down 0.5 per cent at Rs 62,562 per kg.

In the international markets, gold was trading 0.3 per cent lower at $1,787 an ounce. It had gained 2 per cent in the previous session.

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Analysts say that support for gold on MCX is at Rs 47,300-47,070 per 10 grams and resistance at Rs 48,200 per 10 grams.

Gold prices are getting support in the international markets due to the weakening of the dollar. Gold prices on Wednesday broke the resistance near the 50-day moving average of $ 1,776 an ounce.

In the US, data released on Wednesday showed the Consumer Price Index to rise more than expected. This indicates that inflation is going up.

The Federal Reserve’s meeting held last month suggested the beginning of a reduction in bond purchases from mid-November or December.

Bullion traders are now awaiting US business inventories and retail sales data.

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