Gold traded lower on MCX on August 14 amid a higher US dollar and 10-year bond yields, despite the US inflation data for July easing expectations of a rate hike by the US Federal Reserve in September. August gold futures fell 0.66% to Rs. 1,52,449. September silver futures declined 0.99% to Rs. 2,33,106.
Meanwhile, Brent crude futures rose 0.08% to $87.14 per barrel. US West Texas Intermediate (WTI) edged lower by 0.14% to $81.36 per barrel.
24K gold fell by Rs. 71 to Rs. 1,52,890 per 10 grams, while 22K gold also declined by Rs. 65 to Rs. 1,40,150. By city, Mumbai and Kolkata mirrored prices at Rs. 1,52,890, while Delhi was at Rs. 1,53,040, and Chennai at Rs. 1,53,170.
US gold prices slipped on Friday as investors locked in profits after mild US inflation data pushed bullion to its highest level in more than two months and weakened the case for a near-term Federal Reserve rate hike.
Spot gold was down 0.5% at $4,326.75 per ounce. US gold futures for December delivery fell nearly 1% to $4,382.50.
Spot silver slipped 0.4% to $64.17 per ounce. Platinum slipped 0.3% to $1,711.84, while palladium was steady at $1,306.98.
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"There is some episodic and more speculative capital that's maybe taking a bit of profit in gold, because there's not a near-term catalyst quite so potent immediately in front of us," said Ilya Spivak, head of global macro at finance content network Tastylive.
"Gold may be setting up, with some choppy trading along the way, for a meaningful rally now. And if we can take out $4,400, I don't think $5,000 by year-end is any kind of a stretch."
On MCX, gold faces resistance near the falling trendline around Rs. 1,56,000 and witnessed profit booking, with prices now finding immediate support near Rs. 1,52,600.
A sustained break below this level could extend the correction towards Rs. 1,50,000. However, the broader structure remains constructive as prices continue to trade above key EMAs.