MCX gold August slips 0.86% to ₹1,41,300/10 grams, silver September drops 2.06% to ₹2,23,850/kg on 1 July
AI Market Summary
Gold and silver are under renewed pressure as USD strength and higher US Treasury yields reinforce expectations of further Fed tightening. MCX futures fell sharply, and June marked gold's steepest quarterly decline since 2013, highlighting a broad re-pricing of real-rate sensitivity across precious metals. Near-term, the setup favors tighter financial conditions keeping non-yielding assets on the defensive.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+1.19%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Gold and silver futures fell in early trade on India’s MCX on 1 July, with the August gold contract down 0.86% at ₹1,41,300 per 10 grams and the September silver contract off 2.06% at ₹2,23,850 per kg. In June, domestic spot gold prices declined by nearly 10% to ₹1,40,864 per 10 grams, while silver fell almost 15% to ₹2,25,125 per kg. Gold also posted its steepest quarterly drop since 2013, pressured by a stronger US dollar, higher Treasury yields and firmer expectations of US Federal Reserve rate hikes.
