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Gold rises on dollar stability, silver falls on profit booking
MCX gold October futures were up 0.4% to ₹1,63,120 per 10 grams, while MCX silver September contracts dropped 0.6% to ₹2,45,171 per kg as markets looked to US PCE inflation data and a Fed Chair speech.
Gold prices rose in early trade on Monday, while silver slid on profit booking, as investors shifted attention to upcoming US inflation data and remarks from US Federal Reserve Chair Kevin Warsh, LiveMint Markets reported.
On the MCX, gold October futures were up 0.4% to ₹1,63,120 per 10 grams, while silver September contracts were down 0.6% to ₹2,45,171 per kg around 9:35 AM, with bullion supported by a stable dollar and softer crude oil prices.
The report linked the move to easing long-duration Treasury yields after the US Treasury said it would buy back more long bonds, which helped gold’s appeal as a safe-haven asset. Investors are now focused on the July Personal Consumption Expenditures, PCE, price index data on Wednesday, 26 August, and on Warsh’s speech at the Jackson Hole meeting.
Oil prices also fell, with Brent crude futures down 2% to trade below $93 per barrel ahead of an anticipated US announcement of additional sanctions against Iran. LiveMint Markets cited ongoing uncertainty around stalled US-Iran talks as another driver for gold, alongside elevated fiscal concerns, Reuters said?
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|WTI crude $82.40 ▲1.4%