Gold and Silver price today (August 11, 2023): Yellow metal below Rs 59,000; Silver below Rs 70,000

Gold and Silver price today (August 11, 2023): Precious metal futures on Friday traded in red as the US released its inflation data.

Last seen, MCX gold futures (Oct 5) were flat at Rs 58,810 per 10 grams at the last count, having traded between Rs 58,779 and Rs 59,828 earlier in the day. Silver futures (Sept 5) were down 0.12 per cent or Rs 86 at Rs 69,895 per kg. 

"With the macro cues released yesterday likely to keep exerting downside pressure on the Gold Price, traders will focus more on additional clues for the US inflation to confirm the Fed’s victory against inflation and activate the spot gold rebound. As a result, the US Producer Price Index (PPI) for July will precede the first readings of the University of Michigan’s (UoM) Consumer Sentiment Index (CSI) for August to direct intraday gold Price moves. Also important will be the UoM 5-Year Consumer Inflation Expectations for the said month. Above all, the central bank updates and China news will be crucial to determine the pair’s further direction in short term perspective," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 59,950, keeping the stop loss at Rs 59,200 and a target price of Rs 58,450. For Silver July future she recommends sell on rise at Rs 70,100, with a stop loss of Rs 71,200 and a target of Rs 68,000. 

In the international market, COMEX gold was down 0.14 per cent at $1,946 per ounce.

"Today's major data releases include UK GDP, China's new Yuan loans, and the US PPI, University of Michigan consumer sentiment, and University of Michigan consumer inflation expectations. Rise in yields and firm Dollar are bearish for the yellow metal. Support is at $1900/$1890. Resistance is at $1930/$1950," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (August 11, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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