Today on 12 Feb, Gold price falls by 1 % after the Hawkish comments from US Federal Reserve Chair Jerome Powell. These comments dampened the investor sentiment for gold and falls the price of gold nearly 1 % in market. According to Gold price falls today by 1% reports, the yellow metal declined today as much as 0.84 % to the level of ₹84,807.
MCX Gold’s contract was 0.78 % down at ₹84,452 per 10 grams. The gold same contract hit an all-time high on 11 Feb in the previous session, at ₹86,360 per 10 grams, but recently faced a decline. In the international market, the gold price has witnessed profit booking after it rises to all-time high in the previous session.
Hawkish comments led Gold price falls today by 1%
Powell’s hawkish comment led to a fall in the Gold rate by 1%. Investors focus on the US inflation reports due this week. The US Consumer Price Index (CPI) print is due later, and the Producer Price Index (PPI) report will be released on Thursday.
US Fed Chair confirmed the central bank’s cautious stance on interest rates before Congress state that the Inflation will rise while job market are keep strong. The comment signals show that there are few price cuts this year amid the uncertainty surrounding US President Donald Trump’s trade policies and macroeconomic implications.
The fed officials have expected the two rate reductions this year, and analysts are skeptical. Economists also predict just one rate cut in 2025, with investors predicts price cuts.
MCX Gold Trade Strategy By Investors
After the Gold price falls today by 1%, investors start making their predictions to give you recommendations on investments. As per VP of commodities at Mehta Equities, Rahul Kalantri, gold support at $2,872-2,855 and resistance at $2,924-2,940. The silver price has support at $31.55-31.32 and resistance at $32.00-32.19.
MCX Gold has support at ₹85,100- ₹84,660 and resistance at ₹85,820- ₹86,350. The silver price support at ₹93,750- ₹92,800 and resistance at ₹95,200- ₹96,000,” he said.
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