Gold prices traded lower in early domestic futures trade on Tuesday (August 12) as investors booked profits ahead of key retail inflation data. Sentiment was also weighed down by speculation that the Russia-Ukraine conflict could be nearing its end.

Adding to the pressure, US President Donald Trump announced on Monday (August 11) that imported gold bars would be exempt from tariffs — a move that eased recent concerns which had driven gold prices to record highs.

August 12 Gold Prices In India: Check Today's Gold and Silver Rates

At around 9:15 AM, MCX Gold October 3 contracts were down 0.07% at ₹1,00,250 per 10 grams. In contrast, MCX Silver September 5 contracts gained 0.24% to ₹1,13,572 per kg.

Both India and the US are set to release their July CPI inflation data later today. Economists expect India’s retail inflation to slow further to 1.4% in July from 2.10% in June. In the US, CPI is seen edging up to 2.8% year-on-year in July, compared to 2.7% in June.

A rise in US inflation could shape market expectations for the US Federal Reserve’s next move. The CME FedWatch Tool indicates traders are pricing in an 85% probability of a Fed rate cut in September.

Global attention is also on the upcoming meeting between Trump and Russian President Vladimir Putin in Alaska on Friday (August 15), where discussions on ending the Russia-Ukraine war are expected. On the trade war front, Trump has extended the truce with China for another 90 days.