Gold Price Today, 11 August- Gold falls on strong US dollar, bond yields; traders eye US CPI data

Gold Price Today, 11 August: Gold falls on strong US dollar, bond yields; traders eye US CPI data

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices fell on Friday, while the silver rates tumbled 0.18%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,780 per 10 grams, down by Rs 73 or 0.12%. Silver September futures were trading down by Rs 126 at Rs 69,855 per kg on MCX.

Gold prices held near one-month lows on Friday, shrugging off cooler-than-expected US inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the US dollar and bond yields stood strong, according to Reuters. Spot gold edged 0.1% higher to $1,913.95 per ounce, but traded near its lowest level since July 7 touched earlier in the day. U.S. gold futures were down 0.1% at $1,946.20.

“We expect gold and silver to remain volatile in today’s session. Gold rate has support at $1900-1888 while resistance is at $1922-1935. Silver has support at $22.51-22.35, while resistance is at $22.84-23.05 In INR terms gold has support at Rs 58,670 – 58,450, while resistance is at Rs 59,210 – 59,480. Silver has support at Rs 69,410 – 68,820, while resistance is at Rs 70,540 – 71,040,” Rahul Kalantri added.

Traders eye US CPI inflation data

“Spot gold closed with a loss of 0.53% at $1914.59 Wednesday as the total known global gold ETF holdings fell for the twelfth straight day through August 8. China’s PPI and CPI inflation data fell on a y-o-y basis, thus raising concerns about deflation. The US Dollar Index closed 0.05% lower at 102.48. The two-year US yields at were up 1.06%, whereas the ten-year yields slipped 0.30%. Today’s US CPI inflation data for July will be crucial for the metal. Softer than expected CPI data may support the metal prices to some extent. However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat. The Citi Suprise Index has reached a 28-month high. Support is at $1900/$1890. Resistance is at $1930/$1950,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.