HIGHLIGHTS

• Gold is trading at Rs 46,000 per 10 grams on the MCX.
• Silver stands at Rs 63,093 per kg on Tuesday.
• Both gold and silver are retailing on the higher side today.

Both gold and silver are trading on the higher side of the Multi Commodity Exchange (MCX) on August 10, 2021. Gold futures maturing on October 5 stand at Rs 46,000 per 10 grams on the MCX, recording a jump of Rs 178 or 0.39 per cent. Meanwhile, silver futures maturing on September 3 stand at Rs 63,093 per kg, with a hike of Rs 516 or 0.82 per cent.

Yesterday, the gold and silver prices majorly went down on the MCX. While gold stood at Rs 46,311 per 10 grams on the MCX, recording a dip of Rs 639 or 1.37 per cent, silver was at Rs 64,710 per kg, with a drop of Rs 1,317 or 2.03 per cent.

Gold and Silver prices on International market:

As per Reuters, gold prices remained weak near multi-month lows on Tuesday in the international market, hurt by a rise in the U.S. bond yields and a stronger dollar. The dollar index remained firm near more than a two-week high, making gold more expensive for the holders of other currencies.

On the other hand, the spot gold was little changed at $1,730.47 per ounce and U.S gold futures edged 0.4% higher to $1,732.90 per ounce, reported Reuters. As the labour market saw signs of improvement, the U.S. Treasury yields rose to a more than three week high, according to reports.

Meanwhile, silver was static at $23.43 per ounce after falling to an eight-month low in the previous session and platinum edged 0.1 per cent higher to $980.81.

DailyFX currency strategist Ilya Spivak said, “The gold market is just digesting and consolidating after an aggressive bout of volatility.”

Two Federal Reserve officials said the U.S. economy is growing rapidly and while the labour market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes.

Though gold is viewed as a hedge against higher inflation, a Fed rate hike would dull its appeal as it increases the opportunity cost of holding the non-yielding metal.

Gold and Silver prices in major Indian cities