After surging for two days, the yellow metal witnessed a decline in its price, on Tuesday. On the Multi Commodity Exchange (MCX), gold future saw a decline by 0.17%. On the other hand, silver was trading in positive territory, on Tuesday.
Silver future saw a rise by 0.85%. Well, in the international market, gold witnesses the highest surge in the price in three-and-a-half months over weaker US dollar as well as escalating inflationary pressure.
“Investors should keep a close eye on gold’s relationship with the US macroeconomic data that have been disappointing recently, especially when it came to the US latest employment and retail numbers”, says Amit Khare, AVP-Research Commodities, Ganganagar Commodities Limited, as quoted by News 18.
Khare also adds that gold tends to outperform when the economic data is declining or weakening. In the contrast, it underperforms when economic data see a rise or the prospects improve.