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Gold traded lower on MCX on August 13 amid 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 0.27% to Rs. 1,54,468. September silver futures declined 0.5% to Rs. 2,36,655.
Meanwhile, Brent crude futures fell 0.57% to $88.47 per barrel. US West Texas Intermediate (WTI) edged lower by 0.76% to $82.66 per barrel.
24K gold rose by Rs. 27 to Rs. 1,55,130 per 10 grams, while 22K gold also advanced by Rs. 25 to Rs. 1,42,200. By city, Mumbai and Kolkata mirrored prices at Rs. 1,55,130, while Delhi was at Rs. 1,42,350, and Chennai at Rs. 1,42,200.
US gold prices remained steady close to their two-month high on Thursday as traders paused after a rally fueled by easing US inflation, with attention turning to an upcoming producer price report.
Spot gold was little changed at $4,408.55 per ounce. US gold futures for December delivery were steady at $4,467.
Spot silver gained about 0.3% to $65.47 per ounce. Platinum lost 0.4% at $1,749.70, and palladium fell 0.5% at $1,362.10.
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"Gold is in consolidation mode today after its post-CPI gains, with near-term expectations of a Fed rate hike being dialed back another notch," said Tim Waterer, chief market analyst at KCM Trade.
"Traders appear content to wait for confirmation from the upcoming PPI data before committing to the next leg higher."
As per Jigar Trivedi, Senior Research Analyst at IndusInd Securities, MCX gold October contracts may drop amid profit booking in the international markets, with support at Rs. 1,54,000 per 10 grams and resistance at Rs. 1,56,000 per 10 grams, while MCX silver September futures may rise to Rs. 2,40,000 per kg.
