Gold futures slipped 0.5 per cent at the opening on Friday after a sustained rally since February 4 on the Multi Commodity Exchange (MCX). Most active MCX Gold April contract opened at ₹48,727 per 10 grams, down ₹228 from previous close of ₹48,955.

MCX Silver March futures too slipped following the overall weakness in the bullion pack. Globally, gold slipped from the recent high of $1843 on stronger equities and counter-inflationary measures by the Central banks.

Comex Gold

CME Gold April Futures pared Thursday's gains and slipped from the intra-day high of $1843.3 to open on Friday at $1827 an oz (a troy ounce is equal to 31.1 grams). Previous close was $1837.4 amidst buying interest globally.

However, gold futures pared the gains and slipped amidst counter-inflationary measures taken up by US and other Central banks in the Europe.

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Silver futures closely tracked negative gold movement on Friday and slipped to $23.01 an oz after Thursday's intra-day high of $23.73. After rallying for five straight sessions, Comex silver turned negative since opening on Friday and traded lower than previous close of $23.52 an oz.

MCX Gold

MCX Gold April futures opened in red on Friday. The yellow metal lost ₹223 to last quote at ₹48,732 per 10 grams at 10.32 am on Friday. The open interest for April contract was 11,430 lots.

MCX Silver futures joined the overall weakness in bullion markets globally. Silver slipped over 1.2 per cent at the opening on Friday. Silver March futures contract last quoted at ₹62,400 a kg at 10.32 a.m., down ₹866 from previous close. The open interest was recorded at 8871 lots in the early trades on MCX.

Spot gold

Spot gold prices further inched up amidst firming up demand as wedding season in parts of India gained momentum. The yellow metal inched up on Thursday to quote at ₹48,901 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates.

Spot Silver too inched up to quote at ₹62,825 a kg, according to IBJA.

Analysts speak

According to a latest comment from Kedia Advisory, a spike in US consumer prices boosted the metal's appeal as an inflation hedge, but expectations that the data would support the case for aggressive interest rate hikes capped the gains.

US consumer prices rose solidly in January, leading to the biggest annual increase in inflation in 40 years, fueling financial markets speculation for a 50 basis points interest rate hike from the Federal Reserve next month.

MCX Gold futures is expected to move between ₹48393-49271 for the day, while silver is expected to trade in the range of ₹62026-64214.

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