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CNBC TV18

MCX gold drops 0.69% to ₹1.41 lakh per 10 grams; silver extends losses

AI Market Summary
Gold and silver weakened as softer US June inflation data boosted rate-cut expectations but coincided with a stronger dollar and renewed inflation-risk concerns from higher crude amid West Asia tensions. MCX gold broke below key 21- and 55-day moving averages, reinforcing negative technical momentum and keeping bullion under near-term pressure. Markets now focus on upcoming US data, Fed communication, and geopolitical developments for direction.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.29%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
On July 15, stronger US rate-cut expectations after June CPI fell 0.4% month-on-month and core inflation eased to 2.6% coincided with a firmer dollar, weighing on gold prices. MCX gold futures for August fell 0.69% to ₹1.41 lakh per 10 grams, slipping below the 21-day and 55-day moving averages and turning the technical setup bearish. Silver also weakened. Analysts said that if gold stays below key moving averages, the next support is near ₹1.36 lakh.
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