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Gold and silver futures fall on MCX as rate-hike bets rise
MCX gold October futures were down 0.69% to ₹1,52,406 per 10 grams, while US December gold slipped 1% amid profit-taking after a prior session peak.
Gold and silver prices declined in early trade on Friday, with rates of gold and silver falling by as much as 1% on the MCX as sticky inflation raised expectations of monetary tightening, weighing on non-yielding bullion, according to LiveMint Markets.
On the MCX, gold October futures were down 0.69% to ₹1,52,406 per 10 grams at around 9:15 AM, while MCX silver September futures fell 0.85% to ₹2,33,455 per kg.
LiveMint Markets also noted that US gold futures for December delivery declined 1% amid profit-taking after the yellow metal rose to an over-two-month high in the previous session. The dollar index eased 0.10% but did not fully offset concerns around oil price volatility and its inflation and interest-rate implications.
The outlet pointed to ongoing uncertainty around the US Federal Reserve path, citing a CPI print that rose 0.1% month-on-month in July and increased 3.4% year-on-year, plus data showing US producer prices were unchanged. It added that markets are also monitoring the next PCE release due August 26, while Master Capital Services Chief Research Officer Ravi Singh said expectations of steadier rates in September can support bullion, even as profit booking follows gold moving above its 100-day moving average.
Latest closeGold $4,408.20 ▼0.0%|Silver $64.53 ▼1.6%|Dollar index 99.95 ▼0.1%