Gold prices in India dropped on Thursday, even as global rates climbed following the U.S. Federal Reserve’s comments on rising inflation and job market challenges. Investors in India remained cautious ahead of the U.S.-China trade talks scheduled for this weekend.
At 2:20 PM, June gold futures on the Multi Commodity Exchange (MCX) were trading at ₹96,450 per 10 grams, down ₹350 from the previous session. In contrast, July silver futures surged by ₹200 to ₹95,450 per kg.
Globally, spot gold rose to $3340 per ounce, while U.S. gold futures went up to $3,414. The gains followed the Fed’s decision to keep interest rates unchanged while warning about economic risks tied to inflation and unemployment.
Fed Chair Jerome Powell expressed concerns about the uncertain economic outlook, pushing market expectations toward rate cuts later in the year—likely starting in September.
Analysts say gold continues to act as a safe-haven asset amid economic uncertainty and geopolitical tensions, including upcoming trade negotiations between the U.S. and China in Switzerland. Former U.S. President Donald Trump claimed China requested the talks, but he remains firm on keeping tariffs intact.
Deveya Gaglani of Axis Securities said gold prices remain strong on technical charts and could continue to trend higher, especially with key U.S. jobless data due later in the day.
In other precious metals, spot silver gained 1.1% to $32.94 per ounce, platinum rose 0.8% to $982.05, and palladium held steady at $971.95.
Key Technical Levels (as per Mehta Equities):
Gold (USD): Support: $3,370–$3,345 | Resistance: $3,422–$3,440
Silver (USD): Support: $32.50–$32.20 | Resistance: $33.05–$33.25
Gold (INR): Support: ₹96,650–₹95,980 | Resistance: ₹97,950–₹98,390
Silver (INR): Support: ₹94,880–₹94,150 | Resistance: ₹96,950–₹97,880
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