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Spot Gold fell 0.1%, from $ 2,672.76 per ounce to 0300 GMT.
US Gold Futures saw a slight increase of 0.3%, which reached $ 2,689.70 an ounce.
Gold prices in India
- 24-Core Gold: ₹ 7,831 per gram
- 22-Core Gold: ₹ 71,784 per 10 grams
In the last week, there has been an increase of 0.6% in 24-carat gold in India.
Factors affecting gold prices
Onda’s senior market analyst Calvin Wong for Asia Pacific said that a high CPI reading could push gold less.
He said that a solid CPI figure would support expectations that the Federal Reserve may continue its tight monetary policy in 2025.
CPI data is scheduled for release at 1330 GMT, after the Strong US Jobs report of the previous week, which reduced stakes on further rate cuts.
A Reuters Pole estimates an annual CPI growth of 2.9% in December, slightly higher than 2.7% of November, with an increase of 0.3% month.
Gold prices may also cause geopolitical innings pressure.
Media reports suggest a possible ceasefire between Israel and Hamas, which may reduce safe-heaven demand for precious metals.
Investment strategy
For investors, VP Commodities in Mehta Equities, Rahul Kalamanti said that the US CPI is likely to determine the data and gold movements for geopolitical development.
He mentioned that in the near period, gold is supported at $ 2,652- $ 2,640 per ounce and resistance is at $ 2,685- $ 2,698 an ounce. In India, support is seen at ₹ 77,750- The 77,980 per 10 grams, which contains ₹ 78,370- ₹ 78,550 per 10 grams of resistance.
Jetten Trivedi, VP of Research of Research in LKP Securities, emphasized that 10 grams per, 77,000 serves as a strong support base in India, while 79,000 per 10 grams remain a significant resistance level.
According to Calvin Wong, if gold prices globally decrease by $ 2,600 per ounce, the next major level to see is $ 2,540 an ounce, which can be an attractive entry point for long -term investors.
,With Reuters input
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