Gold and silver prices experienced fluctuations on Thursday due to expectations of upcoming US Federal Reserve rate hikes and easing geopolitical tensions. On the Multi Commodity Exchange (MCX), gold futures for August initially dropped but later rose, reaching an intraday high of Rs 1,41,989 before falling back to Rs 1,40,543.
Similarly, silver futures for July followed a comparable pattern, opening lower at Rs 2,10,308 and hitting both intraday highs and lows. In the international market, both gold and silver prices were down, with COMEX gold at $1,991.80 per ounce and COMEX silver at $57.13 per ounce.
Analysts noted that both gold and silver futures were facing losses domestically and internationally, mainly due to a stronger US dollar and expectations of potential US Federal Reserve rate hikes. The pressure on precious metals was further compounded by a sell-off in US technology stocks, prompting some investors to liquidate bullion holdings.
Despite easing geopolitical tensions and lower crude oil prices, inflation concerns persist, with market focus shifting to upcoming US inflation data for insights into the Federal Reserve’s policy direction. Meanwhile, global benchmark Brent crude and US WTI crude prices remained under pressure, trading at around $72 and below $70 per barrel, respectively.
