Silver, Gold Rate Today: Gold and silver prices in India opened lower on the Multi Commodity Exchange (MCX) Wednesday, following weakness in global bullion prices, as escalation in the tensions between the US and Iran in the Middle East stoked inflation fears and lifted the dollar.
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MCX Gold Rate
MCX gold rate for August futures contracts opened 0.13% lower at ₹145200 per 10 grams as against its previous close of ₹1,45,392 level. MCX silver price for September futures contracts opened 0.36% lower at ₹2,30,015 per kg as compared to its previous close of ₹2,30,857 level.
In the global markets, gold prices were volatile, as concerns around inflation and higher interest rates rose after fresh US strikes on Iran lifted crude oil prices and the dollar ahead of the release of the Federal Reserve’s June meeting minutes.
Spot gold price gained 0.5% to $4,125.59 per ounce, after dropping to its lowest since July 2 earlier in the day, while US gold futures for August delivery declined 0.5% to $4,136.30. Spot silver rose 0.8% to $60.47 per ounce.
Crude oil prices jumped, US Treasury yields advanced, while the dollar clung to its highest levels of the week against most of its peers, after the US military unleashed a new wave of strikes against Iran and revoked a licence allowing the country to sell oil after three tankers were hit by projectiles in the Strait of Hormuz.
Meanwhile, investors now await minutes of the Federal Open Market Committee’s June 16-17 meeting, due later today, for fresh clues on the interest rate path under Fed Chair Kevin Warsh.
Markets have increased their bets for a September Federal Reserve rate hike to an over 63% chance, up from about 57% on Tuesday, the CME FedWatch tool showed.
While gold is seen as an inflation hedge, high interest rates tend to weigh on the non-yielding asset.
Gold Price Outlook
The near-term outlook for MCX gold and silver prices remain weak, but sees a possibility of a pullback and short covering.
“Immediate resistance for MCX gold price is placed at ₹1,46,000 per 10 grams and support is seen at ₹1,44,000. While the broader trend remains under pressure, a technical pullback is possible at current levels,”.
“With recent price-decline, we can observe a rise in OI level in current contract to 10,560 lots, suggesting Short buildup. Major support would be at Daily SAR level placed at ₹1,41,826,” said Makda.
Silver Price Outlook
For MCX silver price, Trivedi maintains a weak outlook as well, identifying ₹2,32,500 per kg as the key resistance level and ₹2,28,000 as immediate support. He adds that although the overall bias remains negative, short-covering rallies cannot be ruled out in the near term.
Makda said that silver prices also continued to trade below all key moving averages i.e. 50, 100 and 200-EMA on a 4-hourly chart placed at ₹2,32,795, ₹2,38,416 and ₹2,44,864, respectively.
“Key support on the daily chart would be at 200-DEMA level placed at ₹2,23,307 and breakout of this level will boost the downside momentum in silver in the upcoming session,” he added.
Market Outlook
Analysts believe that gold and silver could remain volatile in the coming sessions. Investors will closely monitor:
- US Federal Reserve policy updates.
- Inflation data from major economies.
- Developments in the US-Iran conflict.
- Movement in crude oil prices.
- US Dollar Index trends.
If geopolitical tensions continue to rise, safe-haven demand may support gold prices. However, a stronger dollar and higher interest rate expectations could continue to limit gains.
Gold and Silver Market Snapshot
| Factor | Impact on Gold | Impact on Silver |
|---|---|---|
| US-Iran Conflict | Supports safe-haven demand but increases volatility | Volatile due to risk sentiment |
| Strong US Dollar | Bearish | Bearish |
| Higher Interest Rate Expectations | Negative | Negative |
| Rising Crude Oil Prices | Mixed impact | Mixed impact |
| Inflation Concerns | Long-term supportive | Moderately supportive |
Investment Strategy
Long-term investors should avoid making decisions based solely on daily price fluctuations. Instead, keep an eye on global economic developments, central bank policies, and geopolitical events before taking fresh positions in gold or silver.
Frequently Asked Questions (FAQs)
1. Why did MCX gold prices fall today?
MCX gold prices declined due to a stronger US dollar, profit booking, and expectations of higher US interest rates despite ongoing geopolitical tensions.
2. Why is silver also trading lower?
Silver weakened because of cautious market sentiment, stronger dollar pressure, and reduced demand from risk-sensitive investors.
3. Does the US-Iran conflict support gold prices?
Yes. Geopolitical tensions generally increase demand for safe-haven assets like gold, but the impact can be offset by rising interest rates and a stronger dollar.
4. What should investors watch this week?
Investors should monitor US Federal Reserve announcements, inflation data, crude oil prices, and further developments in the US-Iran conflict.
5. Is this a good time to buy gold?
Long-term investors may consider gradual accumulation during corrections, but short-term traders should remain cautious because market volatility is expected to stay high.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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