Gold Prices Decline Marginally Amid Global Market Volatility

The price of gold in India's retail market fluctuated on August 10, as global markets reacted to US inflation data and tensions between Iran and the US. Spot gold fell by 0.5% to $4,322.28 per ounce, while US gold futures dropped 0.4% to $4,381.60. The decline was attributed to investors taking profits after prices hit a seven-week high in the previous session.

According to CNBC US, Iranian Foreign Minister Abbas Araghchi stated that Tehran is not currently in direct talks with the US to end the war with Iran and open the Strait of Hormuz. This development contributed to a marginal decline in 24-karat and 22-karat gold rates across major cities in India.

Silver prices, however, rose in the domestic bullion market. MCX gold rate on August 10 was trading 0.70% lower at ₹152,050 per 10 grams, while MCX silver futures were trading about 0.90% higher at ₹233,030 per kg.