MCX Gold, Silver Prices Plummet Amid Profit Booking, Stronger Dollar
Gold and silver prices on MCX fell sharply on Tuesday after recent gains. The decline was attributed to profit booking, a stronger US dollar, and higher bond yields. According to data from MCX, gold futures opened ₹214 lower at ₹1,63,015 per 10 grams, while September silver futures opened ₹1,921 lower at ₹2,42,299 per kg.
The decline in precious metals comes as investors book profits after the recent rally. Gold had recently climbed to a three-month high after the US Treasury unexpectedly announced higher buybacks of long-term government bonds.
Markets are awaiting US inflation data and the Jackson Hole Symposium for cues on the interest-rate outlook. The market focus is now on the US Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, due on Wednesday.