On the Multi Commodity Exchange (MCX), gold futures due for a August 4 delivery, were last seen trading lower by ₹147 or 0.25 per cent at ₹58,635, having swung between ₹58,595 and ₹58,739 during the session so far, compared to their previous close of ₹58,782. Silver futures for a September 5 delivery were last down 0.18 per cent at ₹71,185.
According to Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, on the macroeconomic front, this week's major focus will be US CPI inflation data (June), which is likely to extend its decline. The US dollar may suffer on soft inflation data, thus investors are expected to buy the dips in gold.
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