Gold futures for August delivery on the Multi Commodity Exchange (MCX) declined ₹782, or 0.54%, to ₹1.43 lakh per 10 grams. The contract witnessed a business turnover of 1,592 lots.
Silver futures for September delivery also slipped ₹746, or 0.33%, to ₹2.22 lakh per kilogram on the MCX, with a turnover of 1,988 lots.
Analysts said investors reduced fresh positions in bullion amid softer global cues and improving risk appetite after recent tensions between the United States and Iran showed signs of easing.
COMEX gold traded around $4,057.40 per ounce, down nearly 0.52%, while silver hovered near $58.35 per ounce, registering a decline of about 1.46% during the session.
Market participants also remained cautious ahead of key US economic data releases that could provide fresh signals on the Federal Reserve’s interest rate path. Expectations of prolonged higher interest rates and continued strength in the US dollar kept pressure on precious metals, analysts said.
“Gold and silver prices remained under pressure amid ongoing global uncertainties and easing geopolitical tensions. Investors are closely watching upcoming economic indicators that may influence Federal Reserve policy in the coming weeks,” said Gaurav Garg, Research Analyst at Lemonn Markets Desk.
He added that crude oil prices moved slightly higher due to lingering supply concerns linked to geopolitical developments. WTI crude was trading near $69.58 per barrel.
Traders said bullion markets may continue to witness volatility in the near term as investors monitor global economic data, movement in the dollar index and developments in the West Asia.
-With agencies inputs
