Gold Prices Hold Steady Amid Global Uncertainty, Eyes on U.S. Inflation Data

Gold Prices

January 10, 2023

New Delhi, India

Gold Prices

As global markets navigate uncertainty, gold prices remain resilient, with investors closely monitoring key factors for market direction.

Current Gold Prices: In the Indian market, MCX gold prices edged up by 0.05% to ₹62,209 per 10 grams, accompanied by a 0.08% rise in silver, trading at ₹72,105 per kg.

International Market Overview: Internationally, gold prices held firm as investors refrained from major moves, anticipating crucial U.S. inflation data. Spot gold inched up by 0.1% to $2,031.30 per ounce, while U.S. gold futures rose 0.2% to $2,036.90 per ounce.

Factors Influencing Gold Prices: Investor caution prevails as the market awaits the U.S. Consumer Price Index (CPI) report, expected to show a 0.2% monthly and 3.2% annual rise. The dollar’s strength and 10-year U.S. Treasury yields above 4% contribute to the stable gold market.

Market Sentiment and Outlook: Traders exhibit a cautious approach, refraining from aggressive moves due to uncertainties surrounding a potential Federal Reserve interest rate cut. Gold prices are constrained within a narrow range, with the focus on the upcoming U.S. CPI data.

Also Read: Bajaj Auto Approves ₹4,000 Crore Share Buyback at ₹10,000 Per Share, Promoters to Participate

Geopolitical and Economic Influences:

Gold gains support from geopolitical tensions, such as the Israel-Hamas conflict, and concerns over China’s economic recovery. However, the resilience of the U.S. economy, coupled with above-target inflation, supports higher interest rates, impacting the 10-year U.S. government bond yield.

Additional News Impact: The New York Fed’s report on decreased U.S. consumer inflation expectations in December influences market expectations about the Fed’s policy. Meanwhile, an attack by Iran-backed Houthi militants on commercial vessels adds to global geopolitical concerns.


The gold market remains a focal point for investors amid a complex web of geopolitical events and economic indicators. As the market navigates uncertainties, eyes are set on the upcoming U.S. inflation data for potential shifts in gold’s trajectory.

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