Gold and silver prices: The price of the yellow metal in India's retail market continued to trade mixed on Monday, 10 August, after Iranian Foreign Minister Abbas Araghchi said Tehran is not currently in direct talks with the US to end the war with Iran and open the Strait of Hormuz, despite Washington’s assertions that a deal is near, as per a report by CNBC US.
In the international markets, gold slipped on Monday as investors took profits after prices hit a seven-week high in the previous session, while markets looked to US inflation data for fresh clues on the Federal Reserve’s interest rate path.
Spot gold was down 0.5% at $4,322.28 per ounce. Prices hit their highest since 17 June on Friday after weaker-than-expected US jobs data. US gold futures fell 0.4% to $4,381.60 on Monday.
The US dollar hovered near a two-month low against major currencies on Monday as investors awaited this week's inflation data for clues on the Federal Reserve's rate path. The euro edged higher to $1.1558, hovering near its strongest level since mid-June, while sterling was steady at $1.3490, near a five-week peak.
Due to these developments, both 24-karat and 22-karat gold rates are showing a marginal decline across major cities in India. Silver prices, on the other hand, rose in the domestic bullion market.
MCX gold rate on 10 August was trading 0.70% lower at ₹152,050 per 10 grams. MCX silver futures, on the other hand, were trading about 0.90% higher at ₹233,030 per kg at around 9:13 am.
In the retail market, gold is sold in 24-karat and 22-karat purity. While 24-karat gold is considered the purest form, 22-karat gold is commonly used for jewellery because it's more durable.
Here's a look at the latest gold prices across major Indian cities on 10 August.
24 karat gold rate in New Delhi — ₹151,190/10 gm
22 karat gold rate in New Delhi — ₹138,591/10 gm
Silver 999 Fine rate in New Delhi — ₹232,200/1 kg
Silver 999 Fine rate in Mumbai — ₹232,600/1 kg
24 karat gold rate in Bengaluru — ₹151,570/10 gm
22 karat gold rate in Bengaluru — ₹138, 939/10 gm
Silver 999 Fine rate in Bengaluru — ₹232,790/1 kg