Now Reading: Gold prices slip on profit booking, 24K at Rs 1.53 lakh
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Gold prices slip on profit booking, 24K at Rs 1.53 lakh
Gold and silver prices fell in early trade on August 14 as investors booked profits after a recent rally, Mathrubhumi reports. MCX gold October futures dropped 0.69% to Rs 1,52,406 per 10…
The Story in Brief
Gold and silver prices fell in early trade on August 14 as investors booked profits after a recent rally, Mathrubhumi reports. MCX gold October futures dropped 0.69% to Rs 1,52,406 per 10 grams, while COMEX gold slipped 1.01% to $4,375.60 per ounce. Domestic 24K gold across major cities averaged around Rs 1,53,590 per 10 grams, with Chennai recording the highest at Rs 1,55,140, according to NDTV Profit. Silver was priced near Rs 2.60 lakh per kg in most cities. Analysts say the Rs 1,52,000-1,52,500 zone is key support for domestic gold futures, with resistance at Rs 1,55,500-1,56,000. Investors are watching US rate expectations and the dollar for the next move.
The Indian Opinion
The gold rally narrative is getting lazy. Reporting a 53% annual gain alongside a daily dip of 0.69% confuses more than it informs. Investors are not 'fleeing to safety' in any panic, MCX futures show routine profit booking after a two-month high. The real test is whether gold holds the Rs 1.52 lakh support zone or falls through it. Silver's sharp 1.34% drop alongside gold also suggests broad profit-taking, not a geopolitical flight. Will the next US inflation print push the dollar up enough to break the support? That number will settle the chatter.
Sources (2): ndtvprofit.com, english.mathrubhumi.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
