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Gold and silver prices moved lower on Tuesday as investors reacted to expectations that the US Federal Reserve could continue its restrictive monetary policy to tackle inflation.
On the Multi Commodity Exchange (MCX), August gold futures began the session at ₹1,46,776 per 10 grams, marking a decline of ₹1,412 from the previous settlement price.
By noon, the contract was trading at ₹1,46,379, reflecting a fall of ₹1,739 or 1.17 per cent.
During the day’s trading, gold reached a high of ₹1,47,090 before slipping to an intraday low of ₹1,46,070.
Silver recorded steeper declines than gold. July silver futures opened at ₹2,27,676 per kilogram, down ₹6,634 from the previous close of ₹2,34,310.
Later in the session, silver traded at ₹2,27,119, representing a decline of ₹7,191 or just over 3 per cent. The metal touched an intraday high of ₹2,28,800 and a low of ₹2,26,556.
Market participants noted that gold remains under pressure despite holding above important technical support zones.
Analysts identified immediate support between ₹1,45,600 and ₹1,46,000, while resistance is positioned in the ₹1,48,000–₹1,48,400 range.
According to experts, a decisive break above resistance could strengthen buying interest and pave the way for a move towards ₹1,49,000 and ₹1,50,000.
Silver’s short-term outlook remains weak following its sharp downward opening.
Analysts believe resistance lies between ₹2,30,500 and ₹2,31,600, whereas a sustained decline below ₹2,28,000 may trigger further losses towards ₹2,26,000 and ₹2,24,000.
Experts linked the decline in precious metals to continued strength in the US dollar and market expectations that interest rates may remain elevated for an extended period.
Attention is now turning to the upcoming US labour market data. This includes employment and unemployment figures. The data could influence the next movement in gold and silver prices.
In the energy market, crude oil prices also weakened. Brent crude traded at $77.51 per barrel, while West Texas Intermediate (WTI) crude stood at $73.60 per barrel.
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