Tag: Brent Crude

  • Oil Hits One-Month High as US-Iran Conflict Disrupts Strait of Hormuz Shipping

    Oil Hits One-Month High as US-Iran Conflict Disrupts Strait of Hormuz Shipping

    Oil prices surged to their highest level in four weeks on Tuesday as renewed hostilities between the United States and Iran disrupted tanker traffic through the strategic Strait of Hormuz, raising fresh concerns over global energy supplies.

    Brent crude futures climbed 3.29% to $86.04 a barrel, while U.S. West Texas Intermediate crude gained 2.83% to $80.35, both reaching levels not seen since mid-June. The move extended a sharp rebound that began after hopes for a lasting peace agreement faded over the weekend.

    The latest rise followed a 9.6% jump in Brent during the previous session, its largest one-day gain since May 2020. Traders reacted after Washington restored its naval blockade of Iranian shipping and proposed a 20% fee for vessels using the waterway. The U.S. also carried out a third consecutive night of strikes against Iran, which responded with attacks on military sites and commercial vessels. Two United Arab Emirates tankers were hit in Omani waters, according to the UAE Ministry of Defence, resulting in the death of one Indian sailor and injuries to eight crew members.

    Shipping activity through the Strait of Hormuz dropped to a two-month low as vessel operators assessed the growing security risk. The route carries about one-fifth of global oil and liquefied natural gas supplies. MarineTraffic recorded 57 transits from Friday through Sunday, down more than 50% from the previous week, compared to roughly 130 vessels per day before the conflict escalated in late February. Iran declared the strait closed “until further notice,” while Washington said military escorts kept oil moving.

    Market analysts said the next price move would hinge on whether tanker traffic and export volumes fall further. Priyanka Sachdeva of Phillip Nova noted that a prolonged drop in vessel movement could push oil prices higher, but prices could ease if crude shipments continue through the strait. ANZ analyst Soni Kumari placed oil in an $85-to-$90 range if disruptions persist, while TD Securities strategist Bart Melek warned that Brent could approach $100 if signs of a physical shortage emerge.

    Meanwhile, Iran’s oil minister said the country’s crude exports were operating normally despite the end of a U.S. sanctions waiver. Yemen’s Houthi movement also fired missiles at Saudi Arabia after accusing the kingdom of bombing an airport under its control. In a separate development, China’s June crude imports fell 41.3% to their lowest level in almost a decade, and refinery activity reached a 10-year low amid weak domestic demand and export limits.

  • MCX Gold Rises 0.54% to ₹1,41,066 as Brent Crude Gains and US Inflation Data Awaited

    MCX Gold Rises 0.54% to ₹1,41,066 as Brent Crude Gains and US Inflation Data Awaited

    Gold traded higher on MCX on July 14, following gains in global bullion prices as investors bought at lower levels. August gold futures rose 0.54% to ₹1,41,066. September silver futures advanced 0.64% to ₹2,19,109. Meanwhile, Brent crude futures rose 1.69% to $84.71 per barrel, and US West Texas Intermediate (WTI) advanced 1.92% to $79.64 per barrel.

    According to the CME FedWatch Tool, traders now expect a 76% chance of a September rate hike by the Fed, up from 57% last week.

    Domestic Gold Prices
    24K gold fell by ₹11 to ₹1,42,800 per 10 grams, while 22K gold declined by ₹10 to ₹1,30,900. By city, Mumbai and Kolkata mirrored prices at ₹1,42,800, Delhi at ₹1,42,950, and Chennai at ₹1,43,460.

    US Gold Prices
    US gold rose on Tuesday after hitting a two-week low earlier in the session, as markets awaited key US inflation data amid escalating US-Iran tensions driving oil prices higher. Spot gold was up 0.3% at $4,013.93 per ounce. US gold futures for August delivery gained 0.4% at $4,020.80. Spot silver inched 0.1% lower to $57.60 per ounce, having earlier touched a two-week low. Platinum fell 0.5% to $1,597.52, and palladium rose 0.6% to $1,254.82.

    Key Levels to Watch
    “You have a situation where the markets probably don’t want to commit. They have a big batch of event risks in front of them. There’s, of course, the Warsh testimony and then the CPI print, so there’s a lot for people to look at in addition to the headlines out of the Middle East,” said Ilya Spivak, head of global macro at Tastylive.

    Internationally, gold price has support at $3,955–$3,910 and resistance at $4,040–$4,085 per troy ounce. Silver has support at $56–$54.40 and resistance at $59.10–$60.60 per troy ounce.

    On MCX, gold price may find support at ₹1,39,100–₹1,37,700 and resistance at ₹1,41,400–₹1,42,200. MCX silver has support at ₹2,16,000–₹2,12,400 and resistance at ₹2,20,000–₹2,22,500.

  • US Stock Futures Decline as Middle East Tensions Drive Oil Prices Higher, Stoking Market Anxiety

    US Stock Futures Decline as Middle East Tensions Drive Oil Prices Higher, Stoking Market Anxiety

    US stock futures edged lower on Monday as renewed tensions in the Middle East unsettled investors and sent crude oil prices higher, raising concerns over inflation and global economic growth.

    Nasdaq futures suffered the biggest loss, with S&P 500 and Dow Jones Industrial Average futures indicating the market will open lower as investors weighed the impact of rising energy prices amid uncertainty over the interest rate outlook.

    Oil Rise Puts Pressure on Market Sentiment

    Oil prices increased amid growing tensions between the United States and Iran. Concerns about potential oil supply disruptions have arisen due to the strategically located Strait of Hormuz, which is among the most active oil transportation routes worldwide.

    Brent crude oil has been hovering near $79 per barrel, while West Texas Intermediate has exceeded $74 per barrel. Increased oil prices have caused inflation concerns.

    Tech and semiconductor stocks continued to underperform as investors cut positions in growth sectors. Increasing bond rates have contributed to weakness in tech stocks due to their sensitivity to rate changes.

    Attention Turns to Earnings and Inflation Reports

    Despite geopolitical and market uncertainties, investors are preparing for yet another busy week on Wall Street. Several big US banks are expected to report earnings next week, kicking off the earnings season. Market participants will watch how tech firms perform during earnings in the upcoming days.

    Moreover, investors will consider figures on US inflation and statements by Fed Chair Kevin Warsh, which may have a strong impact on market expectations for further Fed action. Any indications of inflation persistence, especially following the oil price hike, may add to the list of reasons to maintain high interest rates.

    For now, investors are trying to weigh geopolitical influences against company earnings and economic data. It seems that all these issues will play an important role in global markets in the coming days.

  • MCX Gold Drops 1% to Rs 1,42,050 as Middle East Tensions Boost Brent Crude 4%

    MCX Gold Drops 1% to Rs 1,42,050 as Middle East Tensions Boost Brent Crude 4%

    Gold prices on the Multi Commodity Exchange (MCX) fell 1% on July 13, with August futures settling at Rs 1,42,050 per 10 grams. The decline came as escalating tensions between the US and Iran drove crude oil prices higher and strengthened the US dollar, creating headwinds for the precious metal.

    September silver futures also declined, dropping 1.9% to Rs 2,18,439. Meanwhile, Brent crude futures surged 4.05% to $79.09 per barrel, and US West Texas Intermediate (WTI) advanced 4.13% to $74.36 per barrel.

    According to the CME FedWatch Tool, traders now price in a 72% chance of a Federal Reserve rate hike in September, up from 63% last week.

    Domestic Gold Prices

    In the Indian bullion market, 24K gold fell by Rs 142 to Rs 1,42,910 per 10 grams, while 22K gold declined by Rs 130 to Rs 1,31,000. City-wise, Mumbai and Kolkata quoted gold at Rs 1,42,910, Delhi at Rs 1,43,050, and Chennai at Rs 1,44,000.

    US Gold Prices

    US gold prices also declined over 1% on Monday amid concerns over the potential closure of the Strait of Hormuz, which pushed oil prices higher and revived expectations of elevated interest rates. Spot gold dropped 1.5% to $4,059.11 per ounce, and US gold futures for August delivery were down 1.1% at $4,067.10.

    Spot silver declined 2.9% to $58.14 per ounce, platinum shed 1.8% to $1,598.48, and palladium fell 2.3% to $1,247.27.

    Key Levels to Watch

    “Any breakout of violence in the Gulf is accompanied by pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. “The question is, if the Strait of Hormuz remains effectively or partially closed, does that lead to a deflationary effect, further down the road, that might actually be supportive for gold if you have demand destruction leading to lower economic activity,” Frappell added.

    Internationally, gold has support at $4,074 and $4,040, while resistance is at $4,144 and $4,180 per troy ounce. Silver has support at $59.10 and $57.70, with resistance at $61.20 and $62.40 per troy ounce.

    On MCX, gold has support at Rs 1,42,400 and Rs 1,41,100, and resistance at Rs 1,44,400 and Rs 1,45,550. Silver has support at Rs 2,20,000 and Rs 2,16,600, and resistance at Rs 2,26,000 and Rs 2,28,800.

  • FTSE 100 Opens Lower as Middle East Tensions Drive Brent Crude Up 3.72%

    FTSE 100 Opens Lower as Middle East Tensions Drive Brent Crude Up 3.72%

    The FTSE 100 opened 10 points lower at 10,486.74 on Monday, as renewed escalation in the Middle East pushed oil prices sharply higher. Energy-heavy blue-chip stocks helped offset a broader risk-off mood across the market.

    Brent crude futures surged 3.72% to $78.90 a barrel, while US West Texas Intermediate (WTI) advanced 3.74% to $74.08 a barrel. Sterling weakened to $1.3380, down from $1.3419 at the London close on Friday, and fell against the euro to €1.1730 from €1.1737.

    Gainers and Losers

    Top Gainers:

    • Persimmon: +3.52% to £1,073.50
    • Vodafone Group: +3.13% to £113.55
    • Shell: +1.38% to £3,080.50
    • BP: +2.59% to £495.15
    • Computacenter: +1.93% to £4,540
    • BT Group: +1.55% to £193

    Notable Losers:

    • AstraZeneca: -1.26% to £12,672
    • Spirax Group: -1.53% to £6,455
    • Endeavour Mining: -1.80% to £3,610
    • Diploma: -0.96% to £6,735
    • Halma: -1.70% to £3,578
    • Antofagasta: -1.43% to £3,724

    Corporate Updates

    ME Group Reaffirms Profit Guidance

    ME Group has expanded into user-operated dog washing machines to recover from the revenue hit caused by the Iran war. The firm installed 200 machines across the UK, France, and the Republic of Ireland, noting they are proving popular. Revenue slipped 1% to £152 million on a constant currency basis in the six months to end of April, while pre-tax profit fell 6% to £32 million.

    PageGroup Profit Declines 5.4%

    Recruiter PageGroup reported a 5.4% drop in second-quarter profit to £21.8 million, an improvement from the 11.4% decline in the prior quarter. Temporary recruitment rose 1%, outperforming permanent recruitment, which fell 8%. Group profit remained flat at £197.6 million, with about half of operating markets seeing growth, particularly southern Europe.

    Plus500 Half-Year Revenue Jumps 12%

    Plus500 reported its highest half-year revenue in three years at $462.9 million, up 12% year-over-year. Customer income rose 24% to a five-year record of $460.8 million. Underlying EBITDA edged up 1% to $187.5 million, though the margin slipped to 41% from 45% due to increased spending on customer acquisition and US investment.

    Global Market Overview

    US futures pointed lower, with the Nasdaq expected to fall 1.3%, while the Dow Jones and S&P 500 were seen dropping 0.35% and 0.55%, respectively. In Asia, Tokyo’s Nikkei 225 fell 1.92% to 67,242.73, China’s Shanghai Composite dropped 2.06%, and Hong Kong’s Hang Seng edged up 0.064%. Australia’s S&P/ASX 200 rose 0.03%. In India, the Nifty 50 and Sensex advanced 0.14% and 0.11%, respectively.

  • Indian Stock Markets End Flat Amid US-Iran Tensions and Oil Price Surge

    Indian Stock Markets End Flat Amid US-Iran Tensions and Oil Price Surge

    Indian equity benchmarks ended Monday’s session on a mixed note as escalating geopolitical tensions between the United States and Iran sent crude oil prices soaring, fueling inflation concerns and dampening investor sentiment. The Sensex recovered from early losses to close 83 points higher at 77,653, while the Nifty 50 pared its intraday decline to end nearly flat at 24,202.

    Markets opened sharply lower after renewed military exchanges in the Middle East pushed Brent crude nearly 4% higher to around $79 a barrel. The surge in oil prices raised worries about India’s import bill, corporate profitability, and the possibility of prolonged higher interest rates. Weak global cues, a softer rupee, and cautious trading ahead of the first-quarter earnings season added to the pressure.

    Key Market Movers

    Despite the weak start, selective buying in heavyweight stocks helped benchmarks recover. IT stocks led the rebound, with the Nifty IT index surging around 4%. Tata Consultancy Services (TCS) rallied 8% over two sessions after announcing a multi-year AI-powered network transformation deal with ABB. Infosys and HCLTech also gained. ICICI Bank held near Rs. 1,400, while Axis Bank saw mild profit booking.

    Kalyan Jewellers extended its 47% rally after a strong Q1 business update, though analysts flagged elevated valuations. Goodluck India rose nearly 3% on a 2:1 bonus share announcement. Meanwhile, Swiggy slipped over 2% after the FSSAI issued nine notices to its Instamart unit over alleged violations.

    Geopolitical and Global Impact

    Escalating US-Iran tensions triggered a global risk-off sentiment. Brent crude climbed to $78.68 a barrel, and the US dollar strengthened. Japan’s Nikkei fell nearly 2%, and South Korea’s Kospi plunged 9% as SK Hynix tumbled 15% after profit booking. Gold prices dropped more than 1% as rising oil revived inflation fears. The Indian rupee weakened to a one-month low of 95.76 per dollar, though likely RBI intervention limited losses.

    India’s Volatility Index (VIX) surged over 9%, reflecting heightened investor caution. Foreign institutional investors (FIIs) pulled $46 billion from emerging market equities in June, with heavy selling in South Korea and Taiwan tech stocks. However, FIIs trimmed stakes in nearly 280 BSE 500 companies yet some stocks rallied up to 220% in three months.

    Analyst Views and Outlook

    Goldman Sachs turned optimistic on Indian equities, projecting the Nifty 50 to reach 26,500 by June 2027. Axis Direct’s Rajesh Palviya said the near-term trend remains positive as long as Nifty holds above 24,100, with upside targets of 24,350 and 24,550. InvestorAI remains overweight on jewellery, cement, and healthcare, betting on domestic demand resilience. However, it warned that Brent crude above $80 per barrel is the biggest near-term risk, especially if Strait of Hormuz disruptions persist.

    Market participants will closely watch US inflation data due on July 14, Fed Chair Kevin Warsh’s congressional testimony, and further developments in the Middle East for directional cues.

  • MCX Gold Slips 0.27% to Rs 1,44,901 as Brent Crude Rises; US-Iran Uncertainty Weighs

    MCX Gold Slips 0.27% to Rs 1,44,901 as Brent Crude Rises; US-Iran Uncertainty Weighs

    Gold prices on the Multi Commodity Exchange (MCX) declined on July 10, tracking weak global cues and ongoing uncertainty surrounding the US-Iran conflict. August gold futures slipped 0.27% to Rs 1,44,901 per 10 grams. September silver futures also edged lower, falling 0.08% to Rs 2,26,200.

    Meanwhile, international crude oil prices gained. Brent crude futures rose 0.50% to $76.66 a barrel, while US West Texas Intermediate (WTI) advanced 0.46% to $72.41 a barrel.

    According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the Federal Reserve, up from 54% a week earlier.

    Domestic Gold Prices

    In the domestic spot market, 24K gold rose by Rs 38 to Rs 1,44,820 per 10 grams, while 22K gold gained Rs 35 to Rs 1,32,750. City-wise, Mumbai and Kolkata quoted identical rates at Rs 1,44,820, Delhi was at Rs 1,44,950, and Chennai at Rs 1,45,640.

    US Gold Prices

    In the US, gold prices edged higher on Friday as the dollar softened and concerns over escalating US-Iran tensions fueled inflation worries, keeping the Federal Reserve on a hawkish path. Spot gold was up 0.2% at $4,128.92 per ounce. US gold futures for August delivery held steady at $4,139.50.

    Spot silver rose 0.8% to $60.46 per ounce, platinum gained 1.6% to $1,636.68, and palladium added 1.6% to $1,267.

    Key Levels to Watch

    “Gold is in consolidation mode today following yesterday’s gains, with traders hesitant to commit to further upside amid the prevailing uncertainty over US-Iran relations,” said Tim Waterer, chief market analyst at KCM Trade.

    “I expect gold will continue to attract buyers on dips as long as oil stays around current levels. However, any sharp spike in oil could reignite inflation and interest rate fears, which would be to gold’s detriment,” Waterer added.

    Internationally, gold has support at $4,110 and $4,074, while resistance is at $4,165 and $4,200 per troy ounce. Silver has support at $59.80 and $58.50, with resistance at $61.40 and $63 per troy ounce.

    On MCX, gold has support at Rs 1,44,400 and Rs 1,43,650, and resistance at Rs 1,46,150 and Rs 1,47,000. Silver has support at Rs 2,24,000 and Rs 2,21,000, with resistance at Rs 2,29,100 and Rs 2,32,000.

  • Gold Prices Slide on MCX as Middle East Tensions and Fed Rate Hike Expectations Dampen Sentiment

    Gold Prices Slide on MCX as Middle East Tensions and Fed Rate Hike Expectations Dampen Sentiment

    Gold futures on the Multi Commodity Exchange (MCX) declined on July 9, driven by renewed geopolitical tensions between the US and Iran and growing expectations of aggressive monetary tightening by the Federal Reserve. August gold futures slipped 0.24% to Rs. 1,43,371 per 10 grams, while September silver futures dropped 0.44% to Rs. 2,22,464.

    On the global front, Brent crude oil futures rose 1.05% to $78.84 a barrel, and US West Texas Intermediate (WTI) crude advanced 1.07% to $74.31 a barrel, as market participants priced in the increased risk premium from the unstable US-Iran ceasefire agreement.

    According to the CME FedWatch Tool, traders now see a 68% probability of a Fed rate hike in September, up from 63% previously. This repricing of a possible second interest rate hike as early as Q1 next year has been a key factor pressuring gold prices, according to Kelvin Wong, senior market analyst at OANDA.

    Domestic and US Gold Prices

    In India, 24K gold fell by Rs. 11 to Rs. 1,43,240 per 10 grams, while 22K gold declined by Rs. 10 to Rs. 1,31,300. City-wise, Mumbai and Kolkata recorded prices at Rs. 1,43,240, Delhi at Rs. 1,43,390, and Chennai at Rs. 1,44,220.

    Internationally, spot gold dropped 0.4% to $4,060.46 per ounce, hovering near a one-week low. US gold futures for August delivery were down 0.3% at $4,069.80. Spot silver fell 0.9% to $57.77 per ounce, while platinum rose 0.8% to $1,591.13 and palladium gained 0.8% to $1,223.95.

    Key Levels to Watch

    Analysts have identified key support and resistance levels for gold and silver. Internationally, gold has support at $4,055 and $4,010 and resistance at $4,122 and $4,150 per troy ounce. Silver has support at $57 and $55.50 and resistance at $60 and $61.40.

    On the MCX, gold has support at Rs. 1,43,100 and Rs. 1,42,200 and resistance at Rs. 1,44,400 and Rs. 1,45,150. Silver has support at Rs. 2,20,000 and Rs. 2,16,600 and resistance at Rs. 2,26,600 and Rs. 2,30,000.

    Market participants will continue to monitor developments in the Middle East and any new signals from the Federal Reserve regarding the timing of policy tightening, which could further influence precious metal prices.

  • FTSE 100 Slips to 10,441 as AstraZeneca Tumbles on Drug Trial Failure; Brent Drops 1.23%

    FTSE 100 Slips to 10,441 as AstraZeneca Tumbles on Drug Trial Failure; Brent Drops 1.23%

    Market Overview

    The FTSE 100 fell 47.61 points to trade at 10,441.44 on Thursday, dragged by a sharp decline in AstraZeneca following disappointing late-stage trial results for its experimental heart drug. Escalating tensions in the Middle East also weighed on sentiment. Meanwhile, Brent crude futures dropped 1.23% to $76.06 per barrel, while US West Texas Intermediate (WTI) lost 1.14% to settle at $72.68.

    Sterling strengthened against the dollar, quoted at $1.3406 early Thursday, up from $1.3358 at the previous close. However, sterling weakened against the euro, trading at €1.1721 compared to €1.1722 a day earlier.

    Gainers and Losers

    Top Gainers:

    • Computacenter surged 10.88% to £4,586 after forecasting a sharp profit increase for the first half of 2026.
    • Antofagasta advanced 3.97% to £3,667.
    • Glencore rose 3.72% to £508.90.
    • Anglo American gained 3.37% to £3,495.
    • Standard Chartered added 2.65% to £2,090.
    • Endeavour Mining climbed 2.33% to £3,645.

    Top Losers:

    • AstraZeneca plunged 9.65% to £12,866 after its nerve disease drug Wainua failed a late-stage trial.
    • Coca-Cola Europacific Partners slipped 1.25% to £7,890.
    • British American Tobacco fell 1.97% to £4,520.
    • Unilever dropped 1.23% to £4,582.50.
    • London Stock Exchange Group declined 0.47% to £8,820.
    • Reckitt Benckiser eased 0.83% to £5,024.

    AstraZeneca Stock Tumbles on Drug Trial Failure

    Pharma heavyweight AstraZeneca saw shares fall 8.4% in early trade to £13,043.48 after the company announced that its nerve disease drug Wainua, developed in partnership with US-based Ionis, failed to meet its primary endpoint in a late-stage trial. The drug was intended to reduce cardiovascular deaths and recurring heart problems in patients with a type of heart disease characterized by protein buildup that disrupts blood pumping.

    Brooks Macdonald Ends Fees on Uninvested Cash

    Investment manager Brooks Macdonald has scrapped cash fees on discretionary portfolios, effective 1 July, amid intensifying regulatory scrutiny from the Financial Conduct Authority (FCA) over so-called ‘double-dipping’ practices. The move follows a similar decision by Rathbones, which acknowledged that halting such fees would reduce its pre-tax profit by £9 million. Brooks Macdonald also reported a turnaround in net inflows for the financial year, reaching £226 million, compared with outflows of £396 million the prior year.

    Computacenter Expects First-Half Profit to Double

    Computacenter said it expects adjusted profit before tax for the first half of 2026 to be approximately double the £81.5 million recorded in the same period last year. The IT services firm attributed the upbeat outlook to stronger-than-expected second-quarter performance and indicated that full-year results would comfortably beat market expectations, though it remained cautious about a tougher comparative in the second half.

    Global Market Update

    In the US, the Dow Jones fell 1.1% and the S&P 500 declined 0.3%, while a rally in select AI stocks helped the Nasdaq advance 0.2%. In Asia on Thursday, Japan’s Nikkei 225 rose 1.51% to 67,830.79, China’s Shanghai Composite gained 1.1%, Hong Kong’s Hang Seng fell 0.69%, and Australia’s S&P/ASX 200 slipped 0.26%. India’s Nifty 50 and Sensex declined 0.71% and 0.79%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research before making any investment decisions.

  • MCX Gold Declines 0.35% to ₹1,44,885 as Middle East Tensions and Fed Rate Concerns Weigh

    MCX Gold Declines 0.35% to ₹1,44,885 as Middle East Tensions and Fed Rate Concerns Weigh

    Gold prices on the Multi Commodity Exchange (MCX) slipped on July 8, tracking weakness in global bullion markets as escalating tensions between the United States and Iran in the Middle East stoked inflation fears and strengthened the U.S. dollar. August gold futures fell 0.35% to ₹1,44,885 per 10 grams, while September silver futures dropped 0.8% to ₹2,29,007 per kilogram.

    Brent crude futures jumped 2.55% to $76.05 a barrel, and U.S. West Texas Intermediate (WTI) advanced 2.51% to $72.21 a barrel, reflecting supply concerns from the geopolitical unrest.

    Fed Rate Hike Expectations Rise

    According to the CME FedWatch Tool, traders now see a 63% probability of a rate hike in September, up from 57% previously. Higher interest rates tend to pressure gold prices by increasing the opportunity cost of holding non-yielding assets.

    Domestic Gold Prices

    In the domestic market, 24K gold fell by ₹77 to ₹1,44,490 per 10 grams, while 22K gold declined by ₹70 to ₹1,32,450. City-wise, Mumbai and Kolkata quoted gold at ₹1,44,490, Delhi at ₹1,44,640, and Chennai at ₹1,45,420.

    U.S. Gold and Metals Market

    In the U.S., spot gold rose 0.5% to $4,125.59 per ounce, while August gold futures shed 0.5% to $4,136.30. Spot silver gained 0.8% at $60.47 per ounce, platinum slipped 0.3% to $1,635.45, and palladium dropped 0.6% to $1,268.64.

    Key levels for MCX gold indicate immediate resistance at ₹1,46,000 per 10 grams and support at ₹1,44,000. Analysts note that while the broader trend remains under pressure, a technical pullback is possible at current levels. For MCX silver, major resistance is at ₹2,32,500 per kilogram, with support at ₹2,28,000.

    “Over the past 24 hours, there was a little bit of a scare again on the inflation front. So bonds came in lower, the dollar popped a little, gold pulled back, and now seems to be kind of stabilising after that correction. At this point, we’ve been watching gold attempt to carve out a bottom,” said Ilya Spivak, head of global macro at Tastylive.