Gold slips to $4,400 as profit booking weighs on bullion

Gold futures slipped towards $4,400 an ounce on Thursday as investors locked in recent gains amid weakness across oil and commodity markets, pulling the precious metals complex lower. Silver followed the decline, with international benchmark futures falling nearly 2% to $64.50 an ounce. Meanwhile MCX October gold futures eased 0.7% to ₹1,53,793 per 10 grams, and September delivery silver futures tumbled by more than 1% at Rs 234585 per kg. The retreat came despite the dollar index slipping below 100, as traders preferred to book profits and stay cautious ahead of the US Producer Price Index (PPI) report. With US consumer inflation already slowing to 3.4% in July, the upcoming PPI data could provide fresh direction for bullion by shaping expectations around the Federal Reserve?s interest-rate path.

Powered by Commodity Insights