Gold prices in India dropped sharply by Rs 1,030 in 10 grams and Rs 10,300 in 100 grams under 24 carat for the past three consecutive days.
The record rally in yellow metal halted during the weekend. On August 12, economic data such as CPI inflation, core inflation, and IIP will influence the performance in gold and silver prices.
Gold Rates In India:
On August 11, gold prices dropped by Rs 7600 in 100 grams and by Rs 760 in 10 grams for 24 carat. Also, 22 carat gold prices plunged by Rs 7000 in 100 grams and by Rs700 in 10 grams.
After the latest fall, gold prices stood at Rs 1,02,270 in 10 grams of 24 carat, and at Rs 10,22,700 in 100 grams. Furthermore, 22 carat gold is available at Rs 93,740 per 10 grams in 22 carat and at Rs 9,37,400 in 100 grams. Also, 10 grams and 100 grams gold prices in 18 carat stood at Rs 76,700 and Rs7,67,000 respectively.
This comes after gold prices were unchanged on August 10th. But the onset of correction in gold prices began on August 9, when India celebrated Raksha Bandhan. On Saturday, gold prices dipped by Rs 2700 in 100 grams and down by Rs 270 in 10 grams of 24 carat.
That being said, 100 grams and 10 grams gold prices in 24 carat have crashed by Rs 10,300 and Rs 1,030 from August 9 to August 11.
MCX Gold Price + MCX Silver Price:
MCX gold price also struggled to hold above Rs 1 lakh mark. After market hours of August 11th, MCX gold futures with October 2025 expiry, closed at Rs 1,00,389 per 10 grams, crashing by a whopping Rs 1,409 or 1.4%.
However, MCX silver price with September 2025 expiry, surged mildly by Rs 46 to close at Rs 1,13,342 per 1kg.
Gold Price Outlook On August 12:
“Gold prices weakened as news of the U.S. President’s scheduled meeting with Putin on August 15 to discuss the Russia-Ukraine war sent strong signals of a possible resolution, triggering profit booking. Comex gold slipped from $3,400 to $3,355, while MCX gold declined by Rs 1,200 to Rs 1,00,550,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
He added, “This week, U.S. CPI and Core CPI data will be in focus for further cues. Gold price range is seen between Rs 99,500-Rs 1,02,000.”
Gold prices closed last week with a 2% gain, supported by signs of economic weakness in the US, dovish remarks from several Federal Reserve officials, and growing expectations of interest rate cuts, as per Kaynat Chainwala, AVP Commodity Research, Kotak Securities.
Chainwala added that markets await clarification after the Trump administration on Friday called reports of tariffs on gold and other specialty products “misinformation.”
Spot Gold Price + Spot Silver Price:
Gold prices fell toward $3,350 per ounce on Monday after President Donald Trump announced that the metal would not face tariffs, easing fears of a sharp increase in gold import costs. While Silver slipped toward $37.7 per ounce on Monday, retracing part of last week’s gains as investors took profits ahead of key US inflation data that could shape the Federal Reserve’s policy path, as per Trading Economics.