Gold Rate Today: Gold prices loose sheen amid dollar strength. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities

economictimes.indiatimes.com:

yellow metal which is now trading in an oversold zone. The DXY was trading at 103.19, albeit with a negative bias. The MCX October gold futures were trading with losses at Rs 58,812 per 10 grams on the MCX in the opening trade, down Rs 162 or 0.27%.

Meanwhile, September Silver futures were trading at Rs 69,965, up Rs 11 or 0.02%. On the holiday curtailed Tuesday, Gold futures ended with minor gains of Rs 73 per 10 grams while Silver futures fell by Rs 40 per kg. Indian commodity markets resumed trading in the second session after remaining shut between 9 and 5 pm on account of Independence Day.

Click to know more On the Comex, Gold futures were trading at $1,934.80 per troy ounce, down $0.40 or 0.02% while Silver futures were trading at $22.650, down $0.006 or 0.030%. «Gold prices drifted lower to linger around the support of $1,900 after better-than-expected US economic data further dents gold’s investment appeal. US core retail sales rose 1% m-o-m in July, and the headline sales were up by 0.7%, while the Y-o-Y sales were up by 3.17%, signaling that US inflation is not cooling off to Fed’s trajectory without policymakers raising interest rates further anytime soon.

The dollar index at 103.22, trades at six-week highs as many key voices from Fed indicates that it is not done with raising rates amid the hot inflation,» Mohammed Imran, Research Analyst at Sharekhan said. The 10-year US treasury yields are at an eight-month high level and Imran is of the view that it was in anticipation of further rate hikes. The China economy further dented the prospects of gold as the People's Bank of China cut one-year benchmark lending rates by 15 basis points, he said.