Commodities
Gold and Silver Prices Plummet Amid US Inflation News
The global gold and silver markets experienced a decline on August 14 due to profit booking by investors. The softer-than-expected US inflation outcome contributed to this drop in prices.
The COMEX gold futures fell by 1.01% to $4,375.60 per ounce, while the COMEX silver futures dropped by 1.34% to $64.12 per ounce during morning trade.
In contrast, the domestic gold futures on MCX for the October contract closed at Rs 1,53,373 per 10 grams, down 0.06%. The domestic spot gold price also fell to Rs 1,52,368 per 10 grams.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, attributed the decline in prices to the US CPI coming in at 3.4%, which was broadly in line with expectations.