Tag: precious metals

  • MCX Gold Edges Higher on Value Buying; Brent Crude Pushes Past $90

    MCX Gold Edges Higher on Value Buying; Brent Crude Pushes Past $90

    Gold prices edged higher on the Multi Commodity Exchange (MCX) on July 20, supported by value buying as the US dollar softened, while Brent crude oil surged past the $90-per-barrel threshold, intensifying expectations that the Federal Reserve will raise interest rates again before year-end.

    August gold futures on MCX rose 0.32% to ₹1,41,039 per 10 grams, while September silver futures gained 1% to ₹2,18,560. Meanwhile, Brent crude futures climbed 2.62% to $90.41 per barrel, and US West Texas Intermediate (WTI) advanced 2.39% to $84.36 per barrel.

    According to the CME FedWatch Tool, traders now see an 82% probability of a rate hike in December, up from 73% last week.

    Domestic Gold Prices

    In India, 24K gold rose by ₹17 to ₹1,43,460 per 10 grams, while 22K gold climbed ₹15 to ₹1,31,500. City-wise, Mumbai and Kolkata both quoted ₹1,43,460, Delhi ₹1,43,610, and Chennai ₹1,43,460.

    US Gold Prices

    In the international market, spot gold slipped 0.1% to $4,014.53 per ounce as escalating Middle East tensions pushed Brent crude above $90, stoking inflation fears. US gold futures for August delivery were steady at $4,019.80. Spot silver gained 1.9% to $56.95 per ounce, platinum rose 0.5% to $1,599.97, and palladium eased 0.2% to $1,244.50.

    “Weekend escalations increase the risk of a full-scale offensive by both sides, which potentially threatens gold prices as the opportunity cost for holding the metal gets higher if this ongoing stagflation fear takes hold,” said Kelvin Wong, senior market analyst at OANDA.

    Key Levels to Watch

    International: Gold has support at $3,989 and $3,945, with resistance at $4,040 and $4,074 per troy ounce. Silver support is at $55.50 and $54.40, resistance at $57.50 and $58.80.

    On MCX: Gold has support at ₹1,40,400 and ₹1,39,650, and resistance at ₹1,41,500 and ₹1,42,200. Silver support is at ₹2,14,400 and ₹2,11,000, with resistance at ₹2,18,800 and ₹2,21,000.

  • MCX Gold Dips 0.46% as Brent Crude Surges Past $85, Inflation Worries Persist

    MCX Gold Dips 0.46% as Brent Crude Surges Past $85, Inflation Worries Persist

    Gold prices on the Multi Commodity Exchange (MCX) traded lower on July 15, despite a slowdown in U.S. inflation that reduced expectations for aggressive Federal Reserve rate hikes and weakened the U.S. dollar. August gold futures declined 0.46%, settling at Rs. 1,41,600 per 10 grams. Meanwhile, September silver futures slipped 0.31% to Rs. 2,22,499 per kilogram.

    In the energy markets, Brent crude futures jumped 1.20% to $85.75 per barrel, while U.S. West Texas Intermediate (WTI) advanced 0.92% to $80.07 per barrel. The rise in crude oil prices reignited inflation concerns, putting pressure on precious metals.

    According to the CME FedWatch Tool, traders now see a 58% chance of a September rate hike by the Fed, down from 78% earlier, reflecting the market’s shifting outlook on monetary policy.

    Domestic Gold Prices

    In the Indian domestic market, 24K gold rose by Rs. 77 to Rs. 1,43,570 per 10 grams, while 22K gold advanced by Rs. 70 to Rs. 1,31,600. By city, Mumbai and Kolkata quoted gold at Rs. 1,43,570, Delhi at Rs. 1,43,720, and Chennai at Rs. 1,43,780.

    U.S. Gold Prices

    U.S. gold prices fell on Wednesday after climbing more than 2% in the previous session, as rising oil prices fueled inflation concerns and uncertainty. Spot gold was down 0.5% at $4,035.67 per ounce, while U.S. gold futures for August delivery eased 0.7% to $4,042.20.

    Spot silver lost 0.3% to $58.48 per ounce. Among other precious metals, platinum gained 0.2% to $1,635.56, and palladium edged 0.2% higher to $1,307.11.

    Key Levels to Watch

    Kelvin Wong, senior market analyst at OANDA, commented: “I reckon that the market is now looking past the CPI data, which is kind of a lagging indication… Trump continues to maintain the blockade of ships that is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure.”

    Internationally, gold has support at $4,022 and $3,989, while resistance is at $4,110 and $4,140 per troy ounce. Silver has support at $57.40 and $56, with resistance at $60.60 and $62.00 per troy ounce.

    On MCX, gold has support at Rs. 1,41,400 and Rs. 1,40,650, and resistance at Rs. 1,43,350 and Rs. 1,44,500. Silver has support at Rs. 2,20,000 and Rs. 2,17,700, and resistance at Rs. 2,26,000 and Rs. 2,28,800.

  • 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.

  • 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.

  • How to Identify a Legitimate Gold IRA Company and Avoid Scams

    How to Identify a Legitimate Gold IRA Company and Avoid Scams

    A gold IRA is a legitimate financial product. A self-directed individual retirement account that holds IRS-approved physical precious metals is allowed under U.S. law, and for some investors it is a reasonable slice of a diversified retirement plan. The problem is almost never the product itself. It is the sales machine built around it, and separating the legitimate providers from the predators is the real challenge facing anyone who opens one.

    The gold IRA industry is crowded with aggressive marketing, paid celebrity endorsements, and high-commission upsells, and the internet has made all of it easier to scale. Yet the same online channels that let a questionable operator run slick ads and buy glowing reviews also hand you everything you need to check that operator out first. Avoiding a gold IRA scam, in other words, has become a matter of digital due diligence, and anyone can learn the steps.

    First, understand how a legitimate gold IRA is actually built

    You cannot spot a fake until you know what the real thing looks like. A properly structured gold IRA involves three separate parties, and that separation is the entire point.

    • A dealer sells you the metals.
    • An IRS-approved custodian, usually a specialised trust company acting as a qualified trustee, holds the account and handles the paperwork.
    • An approved, insured depository stores the physical metal.

    No single company should control all three roles. The gold itself also has to meet IRS standards: bullion of at least 99.5 percent fineness, sourced from an accredited refiner and stored in that approved depository, never in your home or a personal safe. Once you understand this structure, most scams reveal themselves as deviations from it.

    The red flags that signal a gold IRA scam

    Bad actors tend to repeat the same handful of tactics. Treat any of the following as a reason to slow down and dig deeper rather than sign.

    • The collectible coin switch. A salesperson steers you away from standard bullion, which carries small premiums, toward “rare,” graded, or numismatic coins that can carry markups of thirty to eighty percent or more. That spread is their profit, and many of those coins are not even IRA-eligible in the first place.
    • The “home storage IRA” pitch. Any company telling you that you can keep IRA metals at home, or in a personal LLC safe, is misrepresenting the rules. The IRS requires a qualified custodian and an approved depository, and it has reclassified home-storage arrangements as taxable distributions, with penalties to match.
    • Manufactured urgency. Predictions of imminent dollar collapse, countdown deadlines, and fear-first scripts are designed to short-circuit research. A legitimate firm is happy to let you think it over.
    • Free-gift promotions. “Get thousands in free silver” offers usually recover their cost through inflated prices elsewhere, or nudge you to over-allocate your savings just to reach a bonus tier.
    • Fuzzy fees. If a company will not put setup, annual, storage, and markup costs in writing, assume the worst.
    • Scripted endorsements and flawless reviews. Paid celebrity and talk-radio endorsements tell you nothing about how a company treats its customers, and a wall of identical five-star reviews is a warning, not a reassurance.
    • Vagueness about custodian and depository. If a company will not name the custodian and storage facility, or resist letting you contact them directly, that is a serious problem.
    • A thin track record. A brand-new website, no verifiable history, and almost no independent reviews are reasons for caution, especially with your retirement on the line.

    A digital due-diligence checklist for vetting a gold IRA company

    The reassuring part is that every one of those red flags can be checked from your laptop in a single afternoon. Work through this checklist before you commit a single dollar.

    1. Start your research on an independent comparison platform. Before you take a single sales call, build your shortlist from a neutral source rather than from whichever ad you happened to click. Independent platforms such as Goldiew let you compare verified Gold IRA companies and read real investor reviews in one place, which turns a market full of paid placements into a list you can evaluate on merit. Beginning here reframes the whole process around evidence instead of marketing.
    2. Run the company past official regulators. Check the Commodity Futures Trading Commission (CFTC) for enforcement actions, read the SEC’s investor alert on self-directed IRAs, search FINRA BrokerCheck for the company’s principals, and look it up in your state securities regulator’s licensing database. A clean record is the floor, not the ceiling.
    3. Cross-check independent complaint records. Look the company up on the Better Business Bureau, the Business Consumer Alliance, and the Consumer Financial Protection Bureau complaint database. Pay less attention to the headline star rating and more to how the company resolves complaints, and whether the same problems keep coming back.
    4. Verify the custodian and depository yourself. Do not take the dealer’s word for it. Contact the named IRS-approved custodian directly to confirm the relationship, and confirm that the depository is IRS-approved and independently insured. If a company will not give you those names, walk away.
    5. Demand transparent, written pricing. Ask for every cost in writing: setup, annual custodian, storage, and, most importantly, the markup over the live spot price of gold. Insist on low-premium, IRS-eligible bullion, and refuse any push toward “rare” or collectible coins.
    6. Test the sales process itself. A legitimate firm will explain the difference between bullion and numismatic coins, offer a direct trustee-to-trustee rollover, provide a written agreement to review before you sign, and let you call back. Pressure, urgency, and “today only” are themselves the warning.
    7. Confirm the buyback policy. Ask what the company will pay to buy the metals back and what the typical spread is. A clear, standing buyback commitment is the sign of a business built for the long term rather than a one-time markup.

    None of these steps requires special expertise. They simply require doing the research before the rollover instead of after it.

    Why the paper trail beats the pitch

    In a market built on persuasion, verifiable facts are your advantage. Save everything as you go: screenshots of claims, emails, fee schedules, and contracts. Companies that welcome that kind of scrutiny, that answer direct questions without flinching and hand over custodian and depository details on request, are usually the ones worth trusting. The ones that bristle at questions are telling you exactly what you need to know.

    The vehicle is sound. The decision that actually protects your retirement is choosing who you buy it from, and that decision rewards patient research far more than gut instinct or a persuasive phone call.

    This article is general information and not financial, tax, or investment advice. A gold IRA is not suitable for everyone, and rules and providers change over time, so confirm current IRS requirements and speak with a licensed financial advisor or tax professional before opening an account.

    Frequently asked questions about precious metals IRAs

    Is a gold IRA a scam?

    No. A gold IRA is a legal, IRS-recognised type of self-directed retirement account. The risk lies not in the account itself but in some of the companies that market and sell them, which is why vetting the provider matters so much.

    Can I store gold IRA metals at home?

    No. The IRS requires precious metals held in an IRA to be kept by a qualified custodian in an approved depository. So-called “home storage IRA” arrangements can be treated as a taxable distribution, triggering taxes and possible penalties.

    What kind of gold is allowed in an IRA?

    Generally, IRA-eligible gold must be bullion of at least 99.5 percent fineness from an accredited refiner, such as approved bars and certain bullion coins. Most collectible or numismatic coins do not qualify, which is one reason aggressive upsells toward “rare” coins are such a common warning sign.

    How can I check whether a gold IRA company is legitimate?

    Start with an independent platform that lets you compare Gold IRA companies and read genuine investor reviews, then verify the company through the CFTC, the SEC, your state regulator, and the Better Business Bureau. Finally, confirm the custodian and depository directly and get all fees in writing.

  • 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.

  • The Complex Web of Control Behind the World’s Gold Market

    The Complex Web of Control Behind the World’s Gold Market

    No single government, institution, or investor controls the world’s gold market. Instead, prices and supply are shaped by multiple stakeholders, including central banks, bullion banks, mining companies, commodity exchanges, and investors. Their collective actions determine how gold is traded, valued, and stored across international markets every day.

    Central Banks Hold the Biggest Influence

    Central banks are the largest owners of gold reserves worldwide. Countries such as the United States, China, Germany, Russia, Italy, and France maintain significant holdings. Their buying and selling decisions influence investor confidence, market sentiment, and long-term gold prices, making them among the market’s most influential participants.

    London and New York Set the Trading Pulse

    Most global gold trading takes place through London’s over-the-counter bullion market and New York’s COMEX futures exchange. While London dominates physical bullion transactions, COMEX drives price discovery through futures contracts. Together, these financial hubs shape daily benchmark prices followed by traders and investors across the world.

    Bullion Banks Keep the Market Moving

    Major international bullion banks connect central banks, mining companies, refiners, and institutional investors. They provide liquidity, store physical gold, facilitate trading, and manage price risks through hedging. Their operations ensure that global gold transactions remain efficient and that markets function smoothly under changing economic conditions.

    Mining Companies and Consumer Demand Matter

    Gold mining companies determine the amount of new gold entering global markets each year. Meanwhile, strong jewellery and investment demand from China and India significantly affects consumption. Supply disruptions, increased mining costs, or rising consumer demand can tighten markets and support higher gold prices over time.

    Investors Drive Short-Term Price Swings

    Institutional investors, hedge funds, exchange-traded funds (ETFs), and retail buyers influence short-term gold prices through buying and selling activity. Economic uncertainty, inflation, geopolitical tensions, and changing interest rates often trigger increased investment in gold, reinforcing its reputation as a safe-haven asset during volatile periods.

    Gold is Controlled by Market Forces, Not One Entity

    The world’s gold market operates through a complex network rather than a single authority. Central bank reserves, trading exchanges, bullion banks, mining output, investor sentiment, and global demand work together to determine prices. Ultimately, gold remains a globally traded asset shaped by economics, finance, and geopolitical developments.

  • 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.

  • MCX Gold Slips 0.63% to Rs 1,45,990 as Brent Crude Rises; Fed Minutes in Focus

    MCX Gold Slips 0.63% to Rs 1,45,990 as Brent Crude Rises; Fed Minutes in Focus

    Gold prices edged lower on the Multi Commodity Exchange (MCX) on July 7, as investors turned cautious ahead of the release of the US Federal Reserve’s minutes from its June policy meeting. The August gold futures contract declined 0.63% to settle at Rs 1,45,990 per 10 grams, while September silver futures dropped 1.23% to Rs 2,33,201.

    In the energy market, Brent crude futures gained 0.60% to $72.42 a barrel, and US West Texas Intermediate (WTI) crude rose 0.51% to $68.90 a barrel. The rise in crude prices added to inflationary concerns, which weighed on bullion demand.

    According to the CME FedWatch Tool, market expectations for a September rate hike by the Federal Reserve have eased slightly to 56%, down from 60% previously. The upcoming Fed minutes are expected to provide further clarity on the central bank’s monetary policy trajectory.

    Domestic Gold Prices

    In the domestic spot market, 24K gold fell by Rs 136 to Rs 1,45,260 per 10 grams, while 22K gold declined by Rs 125 to Rs 1,33,150. Regional variations were observed: Mumbai and Kolkata quoted gold at Rs 1,45,260, Delhi at Rs 1,45,410, and Chennai at Rs 1,47,920.

    US Gold Prices

    Internationally, gold prices eased on Tuesday, trading below a two-week high. Spot gold slipped 0.6% to $4,138.32 per ounce, while US gold futures for August delivery fell 0.4% to $4,149.90. Among other precious metals, spot silver declined 1% to $61.48 per ounce, platinum eased 0.1% to $1,629.46, and palladium rose 0.4% to $1,272.85.

    Key Levels to Watch

    Nicholas Frappell, global head of institutional markets at ABC Refinery, noted that gold price action reflects a continuation of last week’s pattern, with the market forming a support base while awaiting direction from the Fed minutes.

    Internationally, gold has support at $4,135 and $4,100 per troy ounce, with resistance at $4,194 and $4,220. Silver support stands at $61.20 and $59.80, with resistance at $63.40 and $64.20. On MCX, gold support is at Rs 1,46,100 and Rs 1,45,500, while resistance is at Rs 1,47,400 and Rs 1,48,200. Silver support on MCX is at Rs 2,33,300 and Rs 2,30,000, with resistance at Rs 2,38,800 and Rs 2,41,000.

    Market participants remain focused on the Fed’s policy outlook, which will likely dictate the near-term direction for gold and other commodities.

  • MCX Gold Slips 0.63% to Rs. 1,45,990 as Brent Crude Rises; All Eyes on Fed Minutes

    MCX Gold Slips 0.63% to Rs. 1,45,990 as Brent Crude Rises; All Eyes on Fed Minutes

    Gold futures on the Multi Commodity Exchange (MCX) traded lower on Tuesday, July 7, as investors awaited the release of the US Federal Reserve’s June policy meeting minutes for further clues on the central bank’s monetary policy trajectory. The August gold contract declined by 0.63% to settle at Rs. 1,45,990 per 10 grams.

    In the precious metals complex, September silver futures also witnessed a decline, falling 1.23% to Rs. 2,33,201 per kilogram. Meanwhile, in the energy market, Brent crude futures edged up 0.60% to $72.42 a barrel, while US West Texas Intermediate (WTI) crude advanced 0.51% to $68.90 a barrel.

    According to the CME FedWatch Tool, market participants now see a 56% probability of a rate hike at the Fed’s September meeting, down from the previous week’s reading of 60%.

    Domestic Gold Prices

    In the local physical market, 24-karat gold fell by Rs. 136 to Rs. 1,45,260 per 10 grams, while 22-karat gold declined by Rs. 125 to Rs. 1,33,150. Regional variations were observed: Mumbai and Kolkata quoted 24K gold at Rs. 1,45,260, Delhi at Rs. 1,45,410, and Chennai at Rs. 1,47,920.

    US Gold Prices

    US gold prices eased on Tuesday, trading below a two-week high, as investors adopted a cautious stance ahead of the Fed minutes. Spot gold fell 0.6% to $4,138.32 per ounce, and US gold futures for August delivery dipped 0.4% to $4,149.90.

    Among other precious metals, spot silver slipped 1% to $61.48 per ounce, platinum eased 0.1% to $1,629.46, while palladium posted a modest gain of 0.4% to $1,272.85.

    Key Levels to Watch

    “Gold price action looks like a continuation of last week’s basing, forming a support level. The market is clearly waiting for direction from the Fed minutes to get a better sense of the Fed’s thinking on short-term interest rate policy,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

    Internationally, gold has support at $4,135 and $4,100 per troy ounce, with resistance at $4,194 and $4,220. Silver support stands at $61.20 and $59.80, while resistance is seen at $63.40 and $64.20. On MCX, gold support is at Rs. 1,46,100 and Rs. 1,45,500, resistance at Rs. 1,47,400 and Rs. 1,48,200. For silver MCX, support is at Rs. 2,33,300 and Rs. 2,30,000, with resistance at Rs. 2,38,800 and Rs. 2,41,000.

    Investors remain focused on the Fed minutes release scheduled later this week, which could provide clearer signals on the timing and pace of potential rate adjustments.