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Gold and silver slip on MCX as dollar firms and yields rise
MCX gold October futures edged up 0.05% to ₹154,960 per 10 grams, while silver September fell 0.16% to ₹237,450 per kg around 9:10 AM.
Gold and silver trade was subdued on India’s MCX on Thursday morning, weighed by a firmer US dollar and higher US 10-year bond yields, even after July US inflation data cooled rate-hike expectations for the Federal Reserve’s September meeting.
On the MCX, gold October futures were up 0.05% at ₹1,54,960 per 10 grams around 9:10 AM, while silver September contracts were down 0.16% at ₹2,37,450 per kg. The dollar index rebounded to about 100.02, supported by global demand for the greenback.
The outlet cited US Treasury moves as another headwind for bullion, with the US 10-year yield climbing to 4.69%. It also noted that US gold prices had risen to a more than two-month high on Wednesday after US inflation data came in broadly in line, lifting expectations the Fed may keep rates on hold.
The Bureau of Labor Statistics showed the US CPI rose 0.1% month-on-month in July, after a 0.4% decline in June, and increased 3.4% year-on-year versus 3.5% in June. Reuters data cited in the story showed Fed rate-hike odds for September falling to 38% from 48.4% on Tuesday, with traders now looking toward US PPI and the next PCE release due later in August.
Latest closeGold $4,467.10 ▲1.9%|Silver $65.49 ▲1.1%|Dollar index 99.99 ▲0.2%