Gold, Silver Prices Today: MCX Gold Falls ₹214, Silver Down ₹1,921

Gold and silver prices Today: Gold and silver prices traded lower on Tuesday, August 25, with both precious metals facing profit booking after their recent gains. On MCX, the benchmark October gold contract opened ₹214 lower at ₹1,63,015 per 10 grams, while September silver futures opened ₹1,921 lower at ₹2,42,299 per kg.

In the international market, gold was trading near $4,680 per ounce on Comex, while silver was around $67.80 per ounce. Investors are also watching upcoming US inflation data and the Jackson Hole Symposium for signals on the future interest-rate trajectory.

Gold price today: MCX futures decline after recent rally

MCX October gold futures opened at ₹1,63,015 per 10 grams, compared with the previous close of ₹1,63,229, marking a decline of ₹214.

The contract later recovered part of the early losses and was trading at ₹1,63,172, down ₹57, at the time of writing. During the session, it touched a high of ₹1,63,450 and a low of ₹1,62,015.

Gold had recently climbed to a three-month high after the US Treasury unexpectedly announced higher buybacks of long-term government bonds.

In the international market, Comex gold opened at $4,710.10 per ounce against the previous close of $4,697.80. It was trading at $4,680.10, down $17.70, at the time of writing.

Silver price today: MCX silver falls ₹1,921

Silver futures also opened lower on Tuesday. The benchmark September silver contract on MCX opened at ₹2,42,299 per kg, down ₹1,921 from its previous close of ₹2,44,220.

At the time of writing, the contract was trading at ₹2,42,601, down ₹1,619. It touched a high of ₹2,43,445 and a low of ₹2,42,299 during the session.

Comex silver futures opened at $68.96 per ounce against the previous close of $68.59. The international contract was trading at $67.80 per ounce, down $0.79.

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Why are gold and silver prices falling today?

The decline in precious metals comes as investors book profits after the recent rally. Gold has risen to a three-month high, while both gold and silver remain sensitive to movements in the US dollar and bond yields.

The dollar index has remained higher for three consecutive sessions, reducing the appeal of gold. Meanwhile, US 10-year and 30-year bond yields have climbed amid concerns over inflation and rising US debt.

The market focus is now on the US Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, due on Wednesday. Investors are also awaiting the Jackson Hole Symposium on Friday for further cues on the interest-rate trajectory.

Gold and silver outlook

Street estimates point to key technical levels for gold and silver. For MCX gold, resistance is seen near ₹1,67,000, while ₹1,60,000 remains a crucial support. International gold has support at $4,665 and $4,610, with resistance at $4,740 and $4,770 per troy ounce.

For international silver, support is pegged at $67.70 and $66.60, while resistance stands at $69.80 and $71. On the MCX, gold has support at ₹1,62,200 and ₹1,61,000, with resistance at ₹1,64,000 and ₹1,65,150. MCX silver has support at ₹2,41,400 and ₹2,39,100, while resistance is seen at ₹2,47,000 and ₹2,50,000.

Conclusion: What does this mean for commodity investors?

Gold and silver are seeing some profit booking after their recent gains, while a stronger dollar and higher US bond yields are adding pressure. The upcoming PCE inflation data and Jackson Hole Symposium could provide fresh direction for precious metals.