Gold Price Today: MCX Gold Falls Nearly ₹2,000, Silver Extends Losses

Gold and silver remained under selling pressure on Tuesday as investors adopted a cautious approach amid uncertainty over the US Federal Reserve’s monetary policy and geopolitical developments in West Asia.

The subdued sentiment kept both precious metals in negative territory.

August gold futures on the Multi Commodity Exchange (MCX) fell by as much as 1.37 per cent, or ₹1,952, reaching an intraday low of ₹1,40,450 per 10 grams.

During the session, the contract traded at ₹1,41,124, reflecting a decline of more than ₹1,278, while its intraday high stood at ₹1,41,501.

September silver futures also witnessed selling pressure, slipping by over 1 per cent, or ₹2,387, to touch an intraday low of ₹2,20,247 per kg.

The contract later traded at ₹2,21,715 per kg, down by more than ₹900, after recording an intraday high of ₹2,22,293.

Commodity analysts said traders remain focused on the US Federal Reserve’s future policy decisions while closely following developments in West Asia.

Investors are also looking ahead to the upcoming US monthly employment report, which is expected to offer fresh clues on the direction of interest rates.

Experts noted that silver may continue to face near-term pressure after failing to maintain momentum above the ₹2,22,500-per-kg level.

Global precious metals traded on a mixed note, with COMEX gold staying below the $4,000-an-ounce mark, while COMEX silver advanced by more than 1 per cent to around $59.11 per ounce.

In the energy market, Brent crude dropped over 1 per cent to $73.08 per barrel, while US West Texas Intermediate (WTI) crude slipped below the $70-per-barrel mark.