Gold Prices Slip as Investors Weigh US Interest Rates and Geopolitical Risks
Gold prices dropped slightly in early trade on Monday (August 10), while silver maintained its gains, as investors weighed several key factors. The price of COMEX gold fell to $4,383 an ounce, down 0.38% from the previous close of $4,400.
Silver, however, bucked the trend and rose 0.23% to $63.645 an ounce.
The moves come after a strong week for bullion, with international gold futures rising about 7% last week to $4,399.70 an ounce, and silver futures gaining nearly 10% to $63.50 an ounce.
Analysts expect gold and silver to retain a positive bias in the near term, but also anticipate volatility remaining elevated. Pranav Mer, Senior Vice President of EBG, Commodity & Currency Research at JM Financial Services, expects gold and silver to move higher in the short term, with gold potentially reaching ₹1.57 lakh per 10 grams and silver towards ₹2.80 lakh per kg.