Gold Falls

At 6:55 AM, GIFT Nifty futures were down 13.5 points, trading at 24,260, indicating a flat to negative start for the markets

Spot gold crashed to breach the crucial support around $2620 on Tuesday as commodities witnessed across-the-board selling.

Gold price today, August 7, 2024: Barring any major developments on the geopolitical front, gold may slide further

Gold rate today: The MCX Gold August contract was at Rs 71,135, down 1.16 per cent at Thursday's close

The downside pressure on gold further intensified on Thursday on better-than-expected S&P US Global manufacturing and services PMI data

The metal was changing hands at $2381 at the time of the MCX closing, which is down 0.20 per cent from Wednesday's closing level

Spot gold was down 0.2 per cent to $2,038.49 per ounce as of 1223 GMT. U.S. gold futures fell 0.2 per cent to $2,045.40

Gold slipped on Wednesday and was on track for its longest run of monthly losses since 2018, pressured by aggressive rate hikes by major central banks across the world

Spot gold fell for a fifth straight session, down 0.3% at $1,753.84 per ounce, which could be its longest losing streak since November 2021

Interest rates to go further up; strong dollar is likely to continue weighing on gold prices

Federal Reserve's July meeting suggested the rise in Central Bank's rates to tame inflation; gold dropped to its lowest in August, dollar rose 0.2 percent hitting a three-week high

Spot gold held its ground at $1,767.39 per ounce, as of 0239 GMT US gold futures rose 0.4% to $1,783.90

A market authority said last week that Russian refiners can continue to sell platinum and palladium in London, the world's biggest precious metals trading centre

Spot gold was unchanged at $1,797.71 per ounce by 0532 GMT. U.S. gold futures was up 0.2% at $1,798.80. The metal fell about 2% for the week, its worst fall since Nov. 26

Spot prices touched a seven-month low on Friday, deepening a slump and breaching through a support level that analysts say could portend further losses

Silver also surged on increased offtake by industrial units and coin makers