The Multi Commodity Exchange (MCX) witnessed an intriguing start for gold prices on Tuesday, opening at Rs 59,410 per 10 grams, and then experiencing a dip, reaching an intraday low of Rs 59,310. On the international market, gold prices hovered around $1,935.38 per troy ounce. In a similar vein, silver kicked off the day at Rs 72,312 per kg on the MCX, but later fell to an intraday low of Rs 72,250. As for the international market, silver prices were observed around $23.53 per troy ounce.

The day closed with spot gold showing a loss of 0.54% at $1933.56 due to a surge in US yields. The ten-year U.S. yields rallied 2.16% to reach a close at 4.179%, while the two-year yields remained flat at 4.885%.

"The U.S. Dollar Index concluded with a loss of 0.12% at 102.36. A preliminary reading of Q2 U.S. unit labor cost showed 1.60%, which fell short of the forecast of 2.50%. Meanwhile, the US ISM non-manufacturing data for July stood at 52.70, slightly lower than the forecast of 53.10, although the ISM services price paid rose from 54.10 in June to 56.80 in July. The Employment Index also slid to 50.70 from 53.10. As anticipated, the Bank of England raised the benchmark rate by 25 bps, linking future monetary policy decisions to data."

Gold remains close to an over three-week low due to the rise in US yields, and investors are treading cautiously ahead of July's U.S. non-farm payrolls data.

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