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Gold prices rebounded marginally on Tuesday after a steep decline in the previous session, as investors awaited US inflation data for fresh cues on the Federal Reserve’s interest rate outlook.
On the Multi Commodity Exchange (MCX), gold October futures rose Rs 66 or 0.07 per cent to Rs 1,00,256 per 10 grams. Silver September futures gained Rs 244 or 0.22 per cent to Rs 1,13,540 per kilogram.
In the international market, spot gold was up 0.3 per centat $3,354.91 per ounce by 0453 GMT, while US gold futures for December delivery were steady at $3,405.40. The yellow metal had dropped 1.6 per cent on Monday, while futures fell over 2 per cent after US President Donald Trump clarified that tariffs would not be imposed on imported gold bars, easing earlier market jitters.
Kelvin Wong, Senior Market Analyst at OANDA, said:
“Market participants will now focus on the upcoming Fed rate cut, largely priced in for September. If core CPI comes in slightly below expectations, it could further support rate-cut bets and gold prices.”
Economists expect US core CPI to rise 0.3 per cent in July, lifting the annual rate to 3 per cent, above the Fed’s 2 per cent target. Traders are currently pricing in an 85 per cent chance of a September rate cut, according to the CME FedWatch Tool.
Silver prices also gained, with spot silver up 0.7 per cent at $37.88 per ounce. Platinum rose 0.3 per cent to $1,330.25 and palladium climbed 0.9 per cent to $1,145.47.
Market Outlook
Manoj Jain, Director & Head of Commodity and Currency Research at Prithvi Finmart, said gold and silver prices are expected to remain volatile this week amid US tariff uncertainty, key economic data releases, and the scheduled meeting between the US and Russian presidents.
“Gold is expected to trade between $3,340 and $3,540 per ounce, with support at $3,389-$3,360 and resistance at $3,434-$3,455. Silver is seen in the $36.80-$40.00 range, with support at $37.50-$37.20 and resistance at $38.00-$38.40,” he noted.
On MCX, gold has support at Rs 99,900–99,475 and resistance at Rs 1,00,650–1,01,100. Silver support lies at Rs 1,12,700–1,12,000 and resistance at Rs 1,14,000–1,14,650. Jain suggests buying gold around Rs 1,00,100 with a stop loss at Rs 99,660 for a target of Rs 1,00,750.
Currency Movement
The dollar index recovered from early losses to close 0.34 per cent higher at 98.34 on Monday ahead of the inflation data. The USD-INR August 26 futures settled at 87.7800, up 0.09 per cent. The rupee remains under pressure following higher US tariffs on Indian imports, though profit-taking in crude oil and a rebound in domestic equities offered some support. The currency is expected to trade in the 86.60–88.80 range this week.
City-wise Gold Prices (per gram on August 12, 2025):
|
City |
24K |
22K |
|
Mumbai |
Rs 10,140 |
Rs 9,295 |
|
Delhi |
Rs 10,155 |
Rs 9,310 |
|
Chennai |
Rs 10,140 |
Rs 9,295 |
|
Kolkata |
Rs 10,140 |
Rs 9,295 |
|
Bengaluru |
Rs 10,140 |
Rs 9,295 |
Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs -10,140 per gram, while 22-karat gold was priced at Rs 9,295 per gram.
Gold Price in Delhi:
The national capital recorded 24K gold at Rs 10,140per gram, with 22K gold available at Rs 9,310 per gram.
Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,140 per gram and 22K gold at Rs 9,295 per gram.
Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 10,140 per gram, and 22-karat gold was selling at Rs 9,295 per gram.
Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 10,140 per gram, while 22K gold was available at Rs 9,295 per gram.
Gold Price in Pune:
Pune saw 24K gold trading at Rs 10,140 per gram, while 22K gold was available at 9,295 per gram.
English (US) ·