Precious Metals Preview: MCX Gold Ends Down 1%, Inflation Remains In Focus

16 Feb 2022 , 08:52 AM

MCX Gold futures broke above Rs 50000 per 10 grams mark in last session, hitting Rs 50300 per 10 grams as global Gold futures soared to eight month high of $1880 per ounce. However, a sharp slide in crude oil and some pick up in risk appetite on some easing of geopolitical tensions pertaining to the Ukraine pulled Gold down sharply. The metal tanked around 2% in intraday trades and currently trades down 0.15% at $1853 per ounce. MCX Gold futures closed at Rs 49400 per 10 grams, down 1% on the day. The overall scenario remains supportive for Gold despite the latest correction as inflationary pressures weigh on the sentiments. Producer prices in the US jumped in the month of January, according to a report released by the Labor Department on Tuesday. The Labor Department said its producer price index for final demand surged up by 1% in January after rising by an upwardly revised 0.4% in December.

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