Tag: silver

  • MCX Gold Drops 0.76% to ₹1,41,444 as Strong Dollar and Rate-Hike Expectations Weigh; Brent Crude Edges Up 0.40%

    MCX Gold Drops 0.76% to ₹1,41,444 as Strong Dollar and Rate-Hike Expectations Weigh; Brent Crude Edges Up 0.40%

    Gold prices retreated on the Multi Commodity Exchange (MCX) on July 1, pressured by a stronger US dollar, rising Treasury yields, and growing expectations that the Federal Reserve will implement another interest rate hike in September. The precious metal’s decline reflects broader market uncertainty surrounding US monetary policy and global economic signals.

    August gold futures on MCX fell 0.76%, settling at ₹1,41,444 per 10 grams. July silver futures also slipped, declining 1.6% to ₹2,24,914 per kilogram. Meanwhile, Brent crude futures for August delivery edged up 0.40% to $73.24 a barrel, while US West Texas Intermediate (WTI) crude gained 0.40% to $69.78 a barrel.

    According to the CME FedWatch Tool, traders now assign a 67% probability to a rate hike by the US Federal Reserve in September, adding downward pressure on non-yielding assets like gold.

    Domestic Gold Prices

    In the Indian market, 24K gold declined by ₹126 to ₹1,40,780 per 10 grams, while 22K gold dropped by ₹115 to ₹1,29,050. Regional variations were minimal: Mumbai and Kolkata both quoted 24K gold at ₹1,40,780, Delhi at ₹1,40,930, and Chennai at ₹1,43,990.

    US Gold Prices

    In the international market, gold prices fell for a second session, hitting a seven-month low earlier this week. Spot gold was down 0.7% at $3,979.41 per ounce, while US gold futures for August delivery lost 1.1% to $3,992.70. The decline was fueled by lingering inflation concerns and uncertainty surrounding US-Iran peace talks, which continue to keep Fed rate hike expectations elevated.

    Spot silver declined 1.4% to $57.75 per ounce, platinum lost 0.6% to $1,542 (hitting its lowest since last November), and palladium edged 0.4% lower to $1,199.34.

    Key Levels to Watch

    “It looks like the pressure from higher yields is what’s getting gold lower. The US dollar is also a touch higher at the same time, which kind of confirms what’s going on,” said Ilya Spivak, Head of Global Macro at Tastylive.

    Internationally, gold has support at $3,994 and $3,955 per troy ounce, with resistance at $4,074 and $4,110. Silver support stands at $57.70 and $56, while resistance is at $61.20 and $62.80.

    On MCX, gold support levels are at ₹1,41,100 and ₹1,40,000, with resistance at ₹1,43,350 and ₹1,44,200. Silver on MCX has support at ₹2,25,500 and ₹2,22,000, while resistance lies at ₹2,31,000 and ₹2,34,400.

  • Gold Drops Over 1% on MCX as Strong Dollar and Fed Rate-Hike Expectations Pressure Bullion

    Gold Drops Over 1% on MCX as Strong Dollar and Fed Rate-Hike Expectations Pressure Bullion

    Gold prices on the Multi Commodity Exchange (MCX) fell sharply on June 30, undermined by a strengthening U.S. dollar and weak global cues, as traders priced in the likelihood of multiple Federal Reserve rate hikes this year. August gold futures declined by 1.16% to settle at Rs. 1,40,757 per 10 grams, while July silver futures slipped 0.55% to Rs. 2,18,200 per kilogram.

    The pressure on precious metals extended across global markets. Spot gold dropped 1.5% to $3,956.92 per ounce, putting it on track for its steepest monthly decline since October 2008—a fall of 12.7% in June alone, marking the fourth straight monthly retreat. U.S. gold futures for August delivery lost 1.7% to $3,969.30 per ounce. Spot silver slid 2% to $57.13 per ounce, platinum eased 1.1% to $1,557.21, and palladium edged down 0.4% to $1,208.17.

    According to the CME FedWatch Tool, traders now anticipate three rate hikes from the U.S. Federal Reserve this year, with a 64% probability of a move in September. The strong dollar and elevated interest rate expectations continue to weigh on gold, which offers no yield and competes with interest-bearing assets.

    “You have high inflation, high interest rate expectations, and a strong dollar, and that’s overriding all other bullish factors that are typically associated with a gold rally,” said Edward Meir, an analyst at Marex.

    In the domestic market, 24-karat gold fell by Rs. 180 to Rs. 1,40,130 per 10 grams, while 22-karat gold declined by Rs. 165 to Rs. 1,28,450. City-wise, Mumbai and Kolkata quoted Rs. 1,40,130, Delhi at Rs. 1,40,280, and Chennai at Rs. 1,45,080. Meanwhile, crude oil also trended lower, with Brent futures down 0.87% at $72.51 a barrel and West Texas Intermediate (WTI) dropping 0.62% to $70.31 a barrel.

    Key Levels to Watch

    On the international front, gold has support at $3,994 and $3,955 per troy ounce, with resistance at $4,074 and $4,110. Silver support is at $57 and $55.40, while resistance stands at $60 and $61.60 per troy ounce. On MCX, gold finds support at Rs. 1,41,100 and Rs. 1,40,000, with resistance at Rs. 1,43,600 and Rs. 1,44,800. Silver has support at Rs. 2,16,600 and Rs. 2,14,000, and resistance at Rs. 2,22,400 and Rs. 2,25,000.

  • Gold Prices Dip on MCX to ₹1,43,350 as Middle East Tensions Stoke Inflation Fears

    Gold Prices Dip on MCX to ₹1,43,350 as Middle East Tensions Stoke Inflation Fears

    Gold futures on the Multi Commodity Exchange (MCX) declined on June 24, 2026, amid renewed hostilities between the US and Iran that sent oil prices higher and reignited inflation concerns. The escalation is prompting traders to bet on tighter monetary policy from the US Federal Reserve.

    August gold futures on MCX fell 0.56% to ₹1,43,350 per 10 grams. July silver futures also slipped 0.7% to ₹2,19,863. In the international market, Brent crude futures edged down 0.67% to $72.47 a barrel, while US West Texas Intermediate (WTI) crude dropped 1.80% to $70.05 a barrel.

    According to the CME FedWatch Tool, traders now anticipate three rate hikes from the US Federal Reserve this year, with an 80% probability of a December hike.

    Domestic Gold Prices

    In the domestic spot market, 24K gold fell by ₹93 to ₹1,43,020 per 10 grams, and 22K gold dropped by ₹85 to ₹1,31,100. Regional variations were minimal: Mumbai and Kolkata both quoted ₹1,43,020, Delhi ₹1,43,170, and Chennai ₹1,45,090.

    US Gold Prices

    US gold prices also eased on Monday as recent US-Iran strikes in the Gulf pushed oil prices higher. Spot gold was down 0.6% at $4,062.89 per ounce, while US gold futures for August delivery lost 0.5% to $4,077.50. The metal is heading for a fourth consecutive monthly loss of 10.4%.

    Spot silver fell 1.2% to $58.47 per ounce. Platinum gained 0.2% to $1,617.15, and palladium rose 0.4% to $1,213.60.

    Key Levels to Watch

    Tim Waterer, chief market analyst at KCM Trade, commented: “US and Iran were at it again over the weekend, with fresh military strikes reported from both parties, which casts further doubt over how long oil can stay at these subdued levels and therefore over the broader inflation and interest rate outlook.”

    Waterer added: “Gold could see the $5,000 level again this year, but this would be based on further de-escalation, oil having a sustained move to pre-war levels to dull the inflationary impact of the conflict, and a softer dollar.”

    Internationally, gold has support at $4,055 and $4,010, while resistance is at $4,135 and $4,180 per troy ounce. Silver has support at $57.40 and $55.80, with resistance at $61.20 and $62.80 per troy ounce.

    On MCX, gold has support at ₹1,43,300 and ₹1,42,400 and resistance at ₹1,45,150 and ₹1,46,200. Silver has support at ₹2,20,000 and ₹2,16,600 and resistance at ₹2,26,000 and ₹2,29,100.

    Stay updated with the latest gold price movements and market insights.

  • MCX Gold Slides to ₹1,40,748 as US Dollar Index Remains Firm Above 101; Fed Rate Hike Outlook Weighs

    MCX Gold Slides to ₹1,40,748 as US Dollar Index Remains Firm Above 101; Fed Rate Hike Outlook Weighs

    Gold prices traded lower on the Multi Commodity Exchange (MCX) on June 24, as the US dollar index held above the 101 mark amid growing expectations of additional monetary tightening by the Federal Reserve. August gold futures declined 0.37%, settling at ₹1,40,748 per 10 grams. Meanwhile, July silver futures slipped 1.07% to ₹2,10,801.

    In the international market, Brent crude futures fell 1.68% to $72.50 a barrel, while US West Texas Intermediate (WTI) crude dropped 1.46% to $69.31 a barrel. The CME FedWatch Tool indicates that traders now anticipate three rate hikes from the US Federal Reserve this year, with a 67% probability of a September increase.

    Domestic Gold Prices

    In the domestic spot market, 24K gold fell by ₹278 to ₹1,40,130 per 10 grams, and 22K gold decreased by ₹255 to ₹1,28,450. City-wise rates were largely uniform: Mumbai and Kolkata quoted ₹1,40,130, Delhi ₹1,40,280, and Chennai ₹1,45,630.

    US Gold Prices

    US gold prices extended their losses on Thursday, trading near a more than seven-month low touched in the previous session. Spot gold dropped 0.4% to $3,985.89 per ounce, while US gold futures for August delivery eased 0.2% to $4,001.60 per ounce.

    Spot silver fell 0.2% to $57.33 per ounce, platinum lost 0.2% to $1,575.85, and palladium gained 0.3% to $1,170.25.

    Key Levels to Watch

    According to independent metals trader Tai Wong, “The market is pricing a rate hike as soon as September due to a hawkish Fed. A surging dollar and lower inflation expectations are weighing on precious metals.” Wong added that while a collapse is unlikely, gold may remain in a prolonged consolidation phase due to weak demand.

    On MCX, gold has support at ₹1,40,000 and ₹1,38,800, and resistance at ₹1,42,400 and ₹1,43,350. Silver has support at ₹2,09,100 and ₹2,05,000, with resistance at ₹2,16,600 and ₹2,21,000.

  • Gold Dips Below $4,000 as Commodity Markets Close for Muharram Morning Session; Silver Nears $56

    Gold Dips Below $4,000 as Commodity Markets Close for Muharram Morning Session; Silver Nears $56

    The commodities market remained closed for the morning session on Friday due to Muharram, operating from 9:00 am to 5:00 pm. Evening trading resumed as usual from 5:00 pm to 11:30 pm/11:55 pm. Gold and silver prices continued to face downward pressure, extending a fourth consecutive weekly decline amid a stronger US dollar and expectations of higher US interest rates.

    According to the CME FedWatch Tool, traders now anticipate three rate hikes from the US Federal Reserve this year, with a 64% probability of a September increase. The robust dollar and hawkish Fed outlook weighed heavily on bullion, pushing spot gold below the $4,000 mark for the first time since November 2025. Spot gold fell 0.9% to $3,991.49 per ounce, while US gold futures for August delivery lost 1% to $4,007.30.

    Other precious metals also declined: spot silver dropped 3.2% to $56.01 per ounce, platinum lost 2.4% to $1,563.20, and palladium slid 1.6% to $1,165.93. Gold has fallen roughly 29% from its record high of $5,594.82 on January 29.

    Domestic Gold Prices in India

    In the domestic market, 24K gold rose by Rs. 27 to Rs. 1,41,600 per 10 grams, while 22K gold gained Rs. 25 to Rs. 1,29,800. City-wise prices were: Mumbai and Kolkata at Rs. 1,41,600, Delhi at Rs. 1,41,750, and Chennai at Rs. 1,43,340.

    Key Levels to Watch

    “The rapid repricing of the hawkish Fed created a strong bullish momentum in the US dollar, which eventually led to this significant downward drift in gold prices,” said Kelvin Wong, senior market analyst at OANDA. Renisha Chainani, Head of Research at Augmont, noted that the unwinding of yen carry trades, as USDJPY slides to a 40-year low on rising Japanese interest rates, is creating ripple-effect selling across safe-haven assets.

    Chainani explained that gold has broken below its key $4,000 support and dropped toward $3,950. A sustained breakdown could open the path toward $3,600, although oversold conditions leave room for a bottom-fishing or short-covering rally toward $4,100 and $4,165. She added that silver has also broken below the $60 level and slipped to $55.50, with the next support at $50 if bearish momentum continues.

    Meanwhile, Brent crude futures declined 1.77% to $73.93 a barrel, and US West Texas Intermediate (WTI) fell 1.86% to $70.58 per barrel.