Gold eases ₹589 to ₹1.55 lakh/10g in futures trade

On the Multi Commodity Exchange (MCX), the yellow metal for April delivery fell ₹589, or 0.38%, to ₹1,55,306 per 10 grams in a business turnover of 7,695 lots.

In the global markets, Comex gold futures for April contract slipped $24.31, or 0.48%, to $5,021.99 per ounce in New York.

“Gold slipped to trade around $5,000 per ounce after rising more than 2% in the previous session on weaker-than-expected US Consumer Price Index (CPI) inflation data,” Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.

Manav Modi, Analyst, Commodities at Motilal Oswal Financial Services Ltd, said geopolitical risks remain elevated, following reports that Washington has deployed the aircraft carrier USS Gerald R Ford to the Middle East amid stalled Iran nuclear talks, lending safe-haven support to the precious metal.

He added that markets are also weighing the potential inflationary impact of renewed tariff threats from US President Donald Trump, alongside lingering questions over Federal Reserve’s credibility and future policy path.

“Gold is trading at a discount for the first time in nearly a month even as Chinese demand remains robust, with Shanghai warehouse stocks crossing 100 tonnes,” Modi said, adding that this underscores firm physical buying interest.

He noted that U.S. markets remained closed on account of President’s Day holiday, while Chinese markets shut for a week for the Lunar New Year holidays.

“Investors will now look for fresh guidance from the upcoming Personal Consumption Expenditures (PCE) price index numbers and minutes from the Federal Open Market Committee (FOMC) meeting,” Modi added.