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Gold and silver fall on MCX as traders book profits ahead of the Fed
MCX gold August was down 0.3% to ₹145,207 per 10 grams, while MCX silver September slipped 0.2% to ₹226,474 per kg at around 9:05 am.
Gold and silver prices on India’s MCX eased in morning trading as traders booked profits following a sharp surge in the prior session, according to LiveMint Markets. The move came with investors keeping an eye on the US Federal Reserve’s monetary policy decision scheduled for 29 July.
LiveMint Markets said MCX gold August contracts were down 0.32% to ₹145,207 per 10 grams around 9:05 am on Thursday, 23 July. MCX silver September futures fell 0.23% to ₹226,474 per kg during the same period.
The outlet linked expectations of potential US tightening to higher crude oil prices, which it attributed to the US-Iran conflict. It added that US gold futures were down about 0.5% to trade near $4,115 per troy ounce on Thursday after reaching a two week high of $4,171 the previous session.
LiveMint Markets reported that the day before, MCX gold August futures rose about 2%, and silver September futures gained nearly 1.5%, before reversing lower in the latest session. It also said prices were expected to stay volatile ahead of the Fed decision.
Latest closeGold $4,117.00 ▲1.1%|Silver $59.51 ▲1.1%|WTI crude $87.52 ▲3.1%