Gold price today: Gold rates traded lower in early deals in the domestic futures market on Tuesday (August 12) morning on profit booking ahead of retail inflation data. Speculations that the end of the Russia-Ukraine war could be near also weighed on the yellow metal.
MCX Gold October 3 contracts traded 0.07 per cent lower at ₹1,00,250 per 10 grams around 9:15 AM. However, MCX Silver September 5 contracts were up 0.24 per cent at ₹1,13,572 per kg at that time.
India and the US will release their July CPI inflation data today (Tuesday, August 12).
India’s July inflation is expected to further decelerate to 1.4 per cent from 2.10 per cent in June. US CPI, on a year-on-year basis, may come to 2.8 per cent in July compared to 2.7 per cent in June.
An uptick in US inflation will influence expectations about a rate cut by the US Federal Reserve next month.
According to Reuters, the CME FedWatch Tool indicates traders are pricing in around an 85 per cent chance of a Fed rate cut in September.
(This is a developing story. Please check back for fresh updates.)
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