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Delhi gold drops Rs 1,400 to Rs 1.49 lakh per 10 grams as global weakness cools demand

AI Market Summary
Gold sold off as a rebound in crude oil after shipping attacks near the Strait of Hormuz lifted US Treasury yields and the DXY, tightening financial conditions and reducing demand for USD-priced precious metals. India's local decline was amplified by rupee appreciation. Markets are now focused on the Fed's June minutes and upcoming US labor and inflation data for the next macro catalyst.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.17%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Spot gold fell $24.54 to $4,140.59 per ounce, while domestic gold slid Rs 1,400 to Rs 1.4925 lakh per 10 grams, with silver also weakening. Crude oil rose more than 1% after attacks on shipping in and around the Strait of Hormuz, lifting US Treasury yields and the dollar index (DXY) and weighing on dollar-priced precious metals, according to Praveen Singh of Mirae Asset ShareKhan. Markets are awaiting the Federal Reserve’s June meeting minutes and US inflation data for fresh direction.
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