Gold, silver price on July 10: Precious metals edge lower on ahead of inflation data; check rate here
₹95 to ₹59,505 per 10 grams in the national capital on July 10 amid a fall in precious metal in the global markets. The yellow metal had settled at ₹59,600 per 10 grams in the previous trade. Silver, prices remained flat at ₹72,500 per kilogramme.
Analysts attributed the fall in gold prices to the trimming of positions by participants. On the Multi Commodity Exchange (MCX), gold futures due for a August 4 delivery, were last seen trading lower by ₹147 or 0.25 per cent at ₹58,635, having swung between ₹58,595 and ₹58,739 during the session so far, compared to their previous close of ₹58,782. Silver futures for a September 5 delivery were last down 0.18 per cent at ₹71,185.
According to Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, on the macroeconomic front, this week's major focus will be US CPI inflation data (June), which is likely to extend its decline. The US dollar may suffer on soft inflation data, thus investors are expected to buy the dips in gold. Gold prices resumed trading on a slightly negative note following an uptick in the US dollar, said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
Domestic spot gold opened at ₹58,648 per 10 grams on Monday, and silver at ₹70,514 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). In the international markets, gold prices were trading flat as investors traded cautiously ahead of US inflation data expected later this week to gauge the impact of interest rate hikes and if more policy tightening was on the cards. Spot gold was little changed at $1,923.49 per ounce.
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