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Gold and silver slip on MCX ahead of US inflation data
MCX gold October was down 0.05% to ₹1,63,141 per 10 grams, while silver September futures fell 0.69% as the dollar and bond yields rose ahead of US PCE inflation and the Jackson Hole event.
Gold and silver prices traded lower on the MCX on Tuesday morning, with the move linked to a firmer US dollar and higher bond yields ahead of US inflation data and the Jackson Hole Symposium later this week, LiveMint Markets reported. MCX gold October contracts were 0.05% lower at ₹1,63,141 per 10 grams around 9:10 AM, while MCX silver September futures were down 0.69% at ₹2,42,544 per kg.
The report said the dollar index has been in the green for three straight sessions, which has weighed on gold’s appeal. It also pointed to a climb in US 10-year and 30-year yields amid concerns over inflation and rising US debt, contributing to selling in longer-dated Treasuries.
Attention is on the US Personal Consumption Expenditures, the Fed’s preferred inflation gauge, due on Wednesday, and on Chair Kevin Warsh’s first speech at the Jackson Hole Symposium on Friday for clues on the interest-rate trajectory, according to LiveMint Markets. The piece also noted oil prices rose nearly 1% to around $93 per barrel as uncertainty persisted over the Strait of Hormuz reopening amid US and Iran tensions.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Dollar index 99.64 ▼0.3%