Mumbai: Gold on the Multi Commodity Exchange (MCX) edged down in the morning as traders kept their eyes on the Reserve Bank of India’s upcoming monetary policy announcement. A softer U.S. dollar and steady spot demand helped curb the decline. In the early session, MCX February gold futures slipped 0.14 % to ₹1,29,892 per 10 g, while March silver futures rose 0.74 % to ₹1,79,461 per kg.
Market watchers are keeping a close eye on the RBI’s Monetary Policy Committee (MPC) meeting. Analysts disagree over what the bank will say, as recent macro data send mixed signals—India’s headline GDP growth looks solid, yet low nominal GDP and sluggish manufacturing point to a possible 25‑basis‑point cut.
On the global stage, investors are waiting for today’s U.S. inflation figures, which could shape expectations for the Federal Reserve’s next move amid recent uneven U.S. economic data.
Meanwhile the rupee bounced early on Friday, climbing 9 paise to 89.80 against the U.S. dollar before the RBI policy statement. This rebound follows a volatile week when the rupee repeatedly hit new lows. On Thursday it opened at 90.36 in inter‑bank FX but finished at 89.89, up 26 paise, aided by a decline in the U.S. dollar index and possible RBI intervention. Earlier, on Wednesday, the currency broke the 90‑mark for the first time, closing at 90.15 amid foreign investor sell‑off, higher crude prices, and uncertainty over a delayed India–U.S. trade deal.
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