India's gold and silver futures fell Friday amid U.S. inflation and rate concerns, with NDTV Profit reporting gold below ₹142,000 per 10 grams and a ₹5,403 decline at silver's intraday low.
At 4:27 a.m. ET (8:27 UTC), NDTV Profit reported December gold at ₹141,204 per 10 grams, down ₹1,392, or 0.98%. The outlet put gold's intraday low at ₹141,177, a decline of ₹1,419, or 0.99%. Silver stood at ₹184,141 per kilogram, down ₹5,312, or 2.80%; its reported low was ₹184,050. NDTV Profit said that low represented a ₹5,403 decline, or 2.85%.
An earlier Livemint report on Oct. 30 put gold at ₹142,351 per 10 grams and silver at ₹188,943 per kilogram. Those readings preceded NDTV Profit's later snapshot.
The U.S. Bureau of Economic Analysis (BEA) said the Personal Consumption Expenditures (PCE) price index rose 0.5% in September from August and 3.6% from a year earlier. The index excluding food and energy increased 0.3% month over month and 3.1% year over year.
The Federal Reserve's Federal Open Market Committee (FOMC) voted 10-2 on Oct. 28 to keep its target range at 3.75%-4%. Policymakers Lisa D. Cook and Beth M. Hammack dissented in favor of a 25-basis-point increase. Pinky Yadav, a commodity fundamental analyst at Choice Broking, told NDTV Profit that U.S. inflation, firm oil prices and resilient growth were adding to expectations for a Fed rate hike in December.
NDTV Profit's market explanation was that higher rates can weigh on bullion because it pays no interest. EconoTimes previously covered silver's reaction to U.S. data and December rate expectations.
The BEA's next Personal Income and Outlays release is scheduled for Nov. 25 at 8:30 a.m. ET (13:30 UTC). The FOMC's next meeting is set for Dec. 8-9.
