MCX Gold August futures were trading around ₹1.59 lakh per 10 grams, while silver futures hovered near ₹2.64 lakh per kg. In the physical market, 24-carat gold was quoted at around ₹1.56 lakh per 10 grams, while 22-carat gold was priced at approximately ₹1.43 lakh per 10 grams.
Internationally, spot gold traded near $4,498 an ounce. Prices have remained supported by safe-haven demand amid the escalating US-Iran conflict and elevated crude oil prices, which have remained close to $96 per barrel, raising concerns about inflationary pressures.
However, gains in bullion have been capped by stronger-than-expected US economic data, which has reinforced expectations that the Federal Reserve could maintain a higher-for-longer interest-rate stance. US job openings unexpectedly increased in April, prompting investors to scale back expectations of near-term monetary easing.
Market participants are closely tracking developments in West Asia after reports of continued military activity involving Israel, Iran and US forces near the Strait of Hormuz, a critical route for global oil supplies. At the same time, traders are awaiting a series of US economic indicators, including the ADP employment report, ISM Services PMI and Factory Orders data, ahead of Friday’s closely watched non-farm payrolls report.
According to Kaveri More, Commodity Analyst at Choice Broking, MCX gold prices have declined nearly 4% over the past two weeks amid a stronger US dollar and weakness in the Indian rupee. While the broader trend remains moderately bearish, the August gold contract is currently holding above key support levels near ₹1.57 lakh per 10 grams.
Silver, meanwhile, has shown greater resilience despite recent corrections. More noted that MCX silver continues to trade within a broad range of ₹2,61 lakh-₹2.77 lakh per kg, with the gold-silver ratio remaining near 59-60.
Analysts expect silver to remain range-bound unless a decisive breakout emerges.
Manav Modi, Commodities Analyst, Motilal Oswal Financial services, said gold’s safe-haven appeal is being offset by concerns that elevated oil prices could keep inflation higher, potentially limiting the scope for interest-rate cuts by the Federal Reserve. The brokerage said upcoming US macroeconomic data and the non-farm payrolls report are likely to provide the next major directional cues for bullion prices.
