HIGHLIGHTS

• Gold futures stand at Rs Rs 46,300 per 10 grams on the MCX.
• Silver is retailing at Rs 62,528 per kg, recording a marginal dip of Rs 252.
• As per Reuters, gold prices steadied on Thursday on the international market.

After trading on the higher side for consecutive days in a row, both gold and silver are retailing on the lower side of the Multi Commodity Exchange(MCX) on August 12, 2021. Gold futures maturing on October 5, 2021, stand at Rs 46,300 per 10 grams, witnessing a dip of Rs 62 or 0.13 per cent.

Meanwhile, silver futures maturing on September 3, 2021, stand at Rs 62,528 per kg, recording a marginal dip of Rs 252 or 0.40 per cent.

Gold and Silver prices on international market:

According to Reuters, gold prices steadied on Thursday after rising more than 1 per cent in the previous session, as worries of an early tapering in economic support eased after data showed U.S. consumer price inflation cooled in July.

Spot gold inched 0.1 per cent lower to $1,749.62 per ounce by 0329 GMT, having recorded its biggest one-day percentage gain since May 6 on Wednesday. U.S. gold futures were down 0.1 per cent at $1,751.00.

The report suggests that U.S. consumer price increases slowed in July, data showed on Wednesday, although they remained at a 13-year high on a yearly basis, underpinning the Federal Reserve’s argument that inflationary pressures are likely to be transitory.

Kyle Rhoda, an analyst at IG Markets said, “There is a slightly lower risk that the Fed will have to tighten policy aggressively to cap potentially runaway inflation.”

However, the downward trend in gold is likely to persist, Rhoda added. Meanwhile, a growing number of U.S. central bank officials have been discussing how and when they should begin to trim the massive pandemic-era asset purchases.

“Gold is likely to hold or build a base to go modestly higher,” James Steel, chief precious metals analyst at HSBC wrote in a note.

The dollar index, meanwhile, was flat and hovered below a more than four-month high hit on Wednesday. Silver fell 0.5 per cent to $23.40 per ounce.

Gold and Silver prices in major cities of India