Gold prices on the Multi Commodity Exchange (MCX) experienced a decline on July 23, driven by profit booking after a 2% surge in the previous session. The retreat comes amid ongoing geopolitical tensions and rising crude oil prices.
August gold futures fell 0.48% to ₹1,44,984 per 10 grams, while September silver futures dropped 0.40% to ₹2,26,090 per kilogram. Meanwhile, Brent crude futures climbed 2.30% to $96.23 per barrel, and US West Texas Intermediate (WTI) advanced 1.81% to $88.40 per barrel.
Domestic Gold Prices
In the Indian market, 24K gold rose by ₹77 to ₹1,47,280 per 10 grams, while 22K gold increased by ₹70 to ₹1,35,000. City-wise prices showed Mumbai and Kolkata at ₹1,47,280, Delhi at ₹1,47,420, and Chennai at ₹1,46,520.
US Gold Prices
In the United States, gold prices held steady on Thursday, pulling back from two-week highs reached in the previous session. The escalating Middle East conflict, particularly the US-Iran tensions, continued to push oil prices higher. Spot gold was little changed at $4,132.01 per ounce, while US gold futures for August delivery fell 0.4% to $4,134.60.
Spot silver gained 0.3% to $59.90 per ounce, platinum rose 0.7% to $1,656.24, and palladium advanced 0.8% to $1,301.25.
Key Levels and Analyst Insights
“Oil continues to be up, adding to pressures of inflation and expectations of Fed interest rate hikes, capping a positive undertone in gold as the dollar weakens,” said Jigar Trivedi, a senior research analyst at IndusInd Securities.
According to the CME FedWatch Tool, traders now see a 77% chance of a September rate hike by the US Federal Reserve. Key support levels for MCX gold are at ₹1,44,400 and ₹1,43,350, while resistance stands at ₹1,46,800 and ₹1,48,000. For silver, support is at ₹2,24,400 and ₹2,22,000, with resistance at ₹2,29,100 and ₹2,31,000.
“We suggest long-term investors must hold their long positions in gold and silver, but traders can book profits in every market rise in gold around ₹1,47,000 and ₹1,48,000 range and in silver around ₹2,31,000 and ₹2,33,000 range,” advised Manoj Kumar Jain of Prithvifinmart Commodity Research.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should consult with a qualified financial advisor before making investment decisions.