Gold prices on Friday, August 11, were trading down in the spot market amid bleak demand and weak global cues. In Delhi, gold of 22-carat stood at Rs 54,700 per 10 grams, while that of 24-carat was at Rs 59,660 per 10 grams. Silver was, however, flat at Rs 73,000 per kg.
In Mumbai, 22-carat gold was flat at Rs 54,700 per 10 grams, while 24-carat gold was down by Rs 160 at Rs 59,510 per 10 grams. In Kolkata, 22-carat gold down at Rs 54,550 per 10 grams, while 24-carat gold was at Rs 59,510 per 10 grams. In Chennai, 22-carat and 24-carat gold prices stood at Rs 54,850 per 10 grams and Rs 59,840 per 10 grams.
In Lucknow, gold of 22-carats stood at Rs 54,700 per 10 grams and that of 24-carats was at Rs 59,660 per 10 grams. In Noida, 22-carat and 24-carat gold prices stood at Rs 54,700 and Rs 59,660 per 10 grams, respectively. In Bhopal, the prices were at Rs 54,600 per 10 grams and Rs 59,560, repectively.
In Thiruvananthapuram, the gold prices were at Rs 54,550 per 10 grams and Rs 59,510 per 10 grams.
In the futures market, gold was trading down at Rs 58,786 per 10 grams, and silver was also lower at Rs 69,857 per kg on the MCX.
In the international market, gold stood at $1,913.4 an ounce and silver was at $22.74 an ounce.
In global markets, gold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong, according to Reuters.
Spot gold edged 0.1% higher to $1,913.95 per ounce by 0347 GMT, but traded near its lowest level since July 7 touched earlier in the day. U.S. gold futures were down 0.1% at $1,946.20.
Gold gained as much as 0.8% on Thursday after data showed the U.S. consumer price index (CPI) climbed 3.2% on an annual basis, but was less than the Reuters poll forecast of 3.3%, raising bets that the U.S. central bank will unlikely hike interest rates again in 2023.
Interest rate increases weigh on gold because they tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion.
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