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Gold and silver trade mixed as US dollar rises and Middle East risks linger
MCX gold October futures were flat at ₹151,870 per 10 grams, while MCX silver September climbed 0.9% as crude oil jumped above $84 per barrel.
Gold and silver prices were volatile in early trading on Monday, August 10, as investors weighed mixed signals from the Middle East and an uptick in the US dollar. LiveMint Markets said gold and silver traded mixed, with the rising greenback making dollar-denominated bullion more expensive for buyers using other currencies.
On the commodity screens, MCX gold October futures were flat at ₹151,870 per 10 grams around 9:10 AM, while MCX silver September futures were up 0.9% at ₹233,532 per kg. The dollar index inched up 0.2%, alongside crude oil which rose 1% to trade above $84 per barrel.
The report pointed to ongoing Middle East uncertainty as a key driver of gold, given its links to higher oil prices, potential inflationary pressure, and expectations for US Federal Reserve rate moves. It cited reports that Iran said talks with Oman on establishing new shipping routes were nearing completion, while Iran also reiterated the US must meet additional conditions before any reopening of the Strait of Hormuz.
Investors also looked to upcoming US data for clues on the Fed’s interest rate trajectory, including CPI on Wednesday and PPI on Thursday. LiveMint Markets also noted that nonfarm payrolls fell by 23,000 last month after a combined 103,000 downward revision to the May and June figures, and highlighted a view that MCX gold has bullish momentum above the ₹150,000 level, with attention on the ₹154,000 resistance and ₹146,500 support.
Latest closeGold $4,292.00 ▲1.1%|Silver $61.56 ▼0.9%|WTI crude $78.07 ▲3.8%