Gold traded higher on MCX on August 10 as investors assessed mixed signals from the Middle East, while an uptick in the US dollar amid a rise in crude oil prices also weighed on precious metals. August gold futures rose 0.15% to Rs. 1,52,050. September silver futures advanced 0.9% to Rs. 2,33,550. Meanwhile, Brent crude futures rose 1.03% to $84.41 per barrel. US West Texas Intermediate (WTI) edged higher by 0.86% to $78.85 per barrel.
24K gold fell by Rs. 38 to Rs. 1,51,970 per 10 grams, while 22K gold also declined by Rs. 35 to Rs. 1,39,300. By city, Mumbai and Kolkata mirrored prices at Rs. 1,51,970, while Delhi was at Rs. 1,52,120, and Chennai at Rs. 1,52,180.
US gold prices slipped on Monday as investors took profits after prices hit a seven-week high in the previous session, while markets looked to US inflation data for fresh clues on the Federal Reserve's interest rate path.
Spot gold was down 0.5% at $4,322.28 per ounce. US gold futures fell 0.4% to $4,381.60 on Monday.
Spot silver fell 0.2% to $63.45 per ounce, platinum lost 0.1% to $1,742.50 and palladium slipped 1.1% to $1,362.97.
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"Gold is edging slightly lower as it succumbs to some profit-taking following last week's strong NFP-inspired gains. This looks like a natural stabilisation rather than a meaningful shift in sentiment - I expect gold to remain supported above the $4,300 level in the near term," said Tim Waterer, chief market analyst at KCM Trade.
Gold is now likely to move towards the Rs. 1,54,000 resistance zone, while a sustained breakout above this level could trigger further upside towards Rs. 1,58,000. On the downside, Rs. 1,46,500 remains the crucial support.