Gold rate today: Yellow metal's prices drop; check the latest rates in your city on August 11

Gold rate on August 11

Gold prices recorded sharp decline on August 11, after sharp rally. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 1,01,198 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on August 11:

"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 ₹1,200 to ₹1,00,550. This week, U.S. CPI and Core CPI data will be in focus for further cues. Gold price range is seen between ₹99,500–₹1,02,000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Also read: Gold slips as easing geopolitical tensions weigh; US inflation data in focus

"Gold eased slightly as participants awaited definitive tariff guidance, with the lack of clarity keeping markets on edge. Inflation undercurrents remain firmly supportive, with the ISM Services Prices Index jumping to 69.9% in July, its highest since November 2022, pointing to persistent cost pressures likely to be compounded by higher import duties. Core inflation has now exceeded the Fed’s 2% target for over four years, constraining policymakers between containing price growth and sustaining economic momentum while resisting political pressure for rapid easing. Markets now focus on the upcoming CPI print, forecast to show a 0.3% monthly rise in the core measure, where a stronger reading could limit near-term upside but underpin longer-term inflation-hedge demand. CFTC data for the week ending August 5 showed net-longs climbing by 18,965 to 161,811, with short-only positions falling to a five-month low of 31,162, signalling reduced bearish conviction. Technically, gold remains well-supported above the 50-day EMA, with key support at $3,300 and resistance at $3,451, while the prevailing upward trendline indicates that tariff-policy developments and macroeconomic uncertainty are likely to keep dip-buying interest intact," said Riya Singh – Research Analyst, Commodities and Currency, Emkay Global Financial Services.

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