Gold and silver prices traded lower on the MCX on Friday morning, 31 July, due to profit-taking amid an uptick in the US dollar and escalating US-Iran tensions, even as US inflation data came in below expectations, easing expectations of aggressive rate hikes by the US Federal Reserve.
MCX gold August futures were about 0.50% down at ₹1,42,547 per 10 grams, while MCX silver September contracts were 0.40% down at ₹2,19,117 per kg around 9:10 AM.
In the previous session, the MCX gold August futures contract jumped 1%, while the silver September futures contract clocked a gain of more than 1% after the US Federal Reserve maintained interest rates steady.
(This is a developing story. Please check back for fresh updates.)
