New Delhi, Feb 16 || Gold and silver prices declined on Monday, as the US dollar strengthened tracking in-line US inflation data.
MCX gold April futures dipped 0.56 per cent to Rs 1,55,023 per 10 grams around 12.30 am on an intra-day basis. Meanwhile MCX silver March futures declined 1.99 per cent to Rs 2,39,501 per kg.
The dollar index surged 0.10 per cent to 97, tracking the moderation in US CPI (consumer price index) in January. The index earlier received support from strong jobs data that suggested underlying economic health. A stronger dollar made greenback-priced bullion more expensive for other currency holders.
The US CPI rose 0.2 per cent in January after a 0.3 per cent uptick in December. The U.S. inflation came in at 2.4 per cent in January on an annual basis, down from the previous month's 2.7 per cent. The in-line inflation data and jobs growth could give the US Fed room to keep interest rates unchanged.
"Gold has support at Rs 1,54,000 and Rs 1,53,150 while resistance at Rs 1,56,800 and Rs 1,58,200. MCX silver has support at Rs 2,38,800 and Rs 2,32,000, and resistance is at Rs 2,49,100 and Rs 2,55,000," an analyst said.