Gold Prices Fall For 2nd Day, Aug 31: Yellow Metal Gets Cheaper, Silver Prices Drop Too

Gold prices witnessed dip for second consecutive day on August 31 after US inflation data matched expectations. However, bullion is all set for second consecutive monthly gain as the likelihood of September interest rate cut by Federal Reserve continues to remain high. 22K gold prices today slipped by Rs 100 to Rs 66,950/10 grams and 100 grams of 22 carat yellow metal prices today fell by Rs 1000 to Rs 6,69,500. 24k gold prices today declined by Rs 110 to Rs 73,040/10 grams and 100 grams of 24 carat precious metal prices today dipped by Rs 1100 to settle at Rs 7,30,400.

18k gold prices today dived by Rs 80 to Rs 54,780/10 grams and 100 grams of 18 carat yellow metal price today dipped by Rs 800 to Rs 5,47,800. 1 gram gold rate today for 22k gold prices slipped by Rs 10 to Rs 6695 and 1 gram gold price today for 24k gold got cheaper by Rs 11 to Rs 7304. 1 gram gold price today for 18k gold came down by Rs 8 to 5478 in the country.

Spot Gold, Spot Silver Prices Today: Spot gold turned cheaper by 0.9% to $2,497.53 per ounce as of 01:42 p.m. ET (1742 GMT). US gold futures slipped 1.3% to $2,527.6. Spot silver declined by 2.2% to $28.78 per ounce and platinum declined 1.2% to $926.65. Both the metals witnessed monthly losses, according to Reuters.

Silver Prices Today In India: Silver price in India today witnessed sharp decline. 1kg silver prices on August 31 slipped by Rs 1,400 to Rs 87,000. 100 grams silver price today in India fell by Rs 140 to Rs 8,700.

22k Gold Price Movement In Last 10-Days In India (1 gram)

22k gold prices in India today declined by Rs 10, slipped by Rs 10 on August 30, surged by Re 1 on August 29, surged by Rs 21 on August 28, fell by Re 1 on August 27, stayed steady on August 26, did not witness any changes on August 25, surged by Rs 35 on August 24, declined by Rs 20 on August 23, slipped by Rs 30 on August 22, and rose by Rs 50 on August 21.

According to Reuters, the PCE data confirms inflation is no longer the Fed's main concern, as they have shifted their focus to unemployment, which further validates the potential rate cuts in September, said Alex Ebkarian, chief operating officer at Allegiance Gold.

Investors are now looking forward to the U.S. non-farm payroll report scheduled to come next week.

The Reuters report added, "next week will solidify whether or not we have a 50- or 25-basis-point interest rate cut at the September meeting," said Phillip Streible, chief market strategist at Blue Line Futures.

1kg Silver price India movement in last 10-days

Silver price in India today fell by Rs 1400, declined by Rs 100 on August 30, fell by Rs 100 on August 29, remained steady on Aug 28, recorded jump of Rs 600 on August 27, fell by Rs 100 on August 26, remained steady on August 25, surged by Rs 1300 on August 24, declined by Rs 300 on August 23, stayed stable on August 22, and stayed steady on August 21.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On August 31, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat gold rate in Chennai today is Rs 6,695

Yellow Metal Price Mumbai: 1 gram of 22 carat gold price in Mumbai on August 31 is Rs 6,695

Gold Price Delhi: 1 gram of 22 carat yellow metal price in Delhi on August 31 is Rs 6,710

Gold Price Kolkata: 1 gram of 22 carat of yellow metal price in Kolkata on August 31, 2024 is Rs 6,695

Gold Price Kerala: 1 gram of 22K gold prices in Kerala on August 31 is Rs 6,695

Yellow Metal Price Bangalore: 1 gram of 22 carat gold rate in Bangalore on August 31 is Rs 6,695.