Gold prices fell by 4.63% over the week, marking the fourth consecutive weekly decline due to a stronger dollar and expectations of higher US interest rates. On the Multi Commodity Exchange (MCX), gold futures for August rose by 0.75% on Friday, while silver futures for July surged over 1% following US inflation data that eased concerns about a Federal Reserve rate hike.
Currently, gold futures are at Rs 1,44,199 and silver futures at Rs 2,22,100 per kg. The price of 10 grams of 24-carat gold dropped to Rs 1,39,878 on Thursday from Rs 1,46,664 at the start of the week, as reported by the India Bullion and Jewellers Association (IBJA).
Despite a rebound towards the end of the week, gold has decreased by approximately 29% from its record high of $5,594.82 on January 29, 2026. Volatility in technology stocks and concerns about artificial intelligence have led some investors to turn to safe-haven assets, supporting the recovery of the yellow metal.
COMEX Gold is currently trading with a corrective bias, with prices above the $4,000 support area. Analysts note that immediate resistance levels are at $4,200 to $4,240, followed by $4,360 to $4,400. For MCX Gold, immediate resistance is at Rs 1,46,000 to Rs 1,47,000, with support at Rs 1,40,000-Rs 1,39,000.
Immediate resistance for MCX Silver stands at Rs 2,30,000 to Rs 2,32,000, while a drop below Rs 2,10,000 could extend the decline towards Rs 2,00,000 to Rs 1,98,000. The Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation measure, increased by 0.4% in May, alleviating immediate concerns about a Fed rate hike.
Markets are still pricing in a 64% probability of further tightening in September, according to the CME FedWatch Tool.
