Gold prices inched 1.39 percent up to $4,163 per ounce on October 16. Domestic spot gold closed Wednesday at Rs 1,45,511 per 10 grams, while silver fell to Rs 2,08,424 per kilogram. Jateen Trivedia said, "Bullion rebounded as investors continued to view it as a hedge against inflation." Prices vary across cities.
Gold prices inched 1.39 percent up near $4,163 per ounce in the early session on October 16, while US gold futures inched 0.24 percent to $4,180.20 per ounce (02:36 GMT) from their previous close. Domestic spot gold closed the Wednesday (October 14) session marginally higher at Rs 1,45,511 per 10 grams, while silver fell to Rs 2,08,424 per kilogram. MCX gold futures for the December 4 delivery inched 1.17 percent higher to Rs 1,47,550 per 10 grams, and silver edged 1.24 percent higher to Rs 2,10,920 per kilogram from its previous close. "Despite the weakness following the US CPI data, bullion rebounded as investors continued to view it as a hedge against inflation. MCX Gold gained, supported by a stable rupee and buying interest. Going ahead, Kevin Warsh's speech and the Fed's month-end policy decision will be key events influencing the dollar, interest-rate expectations and bullion prices," Jateen Trivedia, VP Research Analyst at LKP Securities, said. Here's how 24 Karat, 22 Karat, and 18 Karat gold prices moved. Here's how the price of 1 kilogram of silver of 999 purity moved. Gold prices vary among cities. Here's how the price of 10 grams of gold moved in your city. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.