Gold and silver prices today: Rates of gold and silver dropped by up to 1% in early deals on the MCX on Friday, 14 August, as concerns over sticky inflation fuelled expectations of monetary tightening, weighing on non-yielding bullion.
MCX gold October futures were 0.69% down at ₹1,52,406 per 10 grams, while MCX silver September futures were 0.85% down at ₹2,33,455 per kg around 9:15 AM.
US gold futures for December delivery declined 1% amid profit-taking after the yellow metal rose to an over-two-month high in the previous session.
The dollar index eased by 0.10%, but it failed to offset the concerns over oil price volatility, its impact on inflation, and the resulting interest rate hikes. Meanwhile, the dollar index looks set to snap its two-week losing run.
Brent crude inched up by half a per cent to trade above $87 per barrel as the Middle East conflict and uncertainty over the opening of the Strait of Hormuz persist.
Al Jazeera reported US Defense Secretary Pete Hegseth saying on Thursday that Washington can continue with its naval blockade of Iranian ports “indefinitely” and for as long as needed.
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