Gold, Silver Prices Fall Ahead of Fed Policy Decision as Safe-Haven Demand Eases | Commodity Markets Today

Gold and silver prices slipped in early trade on Tuesday as investors booked profits ahead of this week's US Federal Reserve policy decision.

The decline followed a rebound in the US dollar after stronger-than-expected economic data, while easing tensions between the United States and Iran reduced demand for safe-haven assets.

MCX Gold August futures fell 0.60% to ₹1,42,200 per 10 grams, while MCX Silver September contracts declined 1.40% to ₹2,18,076 per kg in early trade.

Internationally, spot gold slipped below $4,050 an ounce, extending losses after ending Monday below the $4,080 mark. Silver traded near $58.40 an ounce.

What's weighing on gold prices?

According to Kotak Neo Commodity Research, gold surrendered most of Monday's gains after the US dollar recovered from its intraday lows following stronger-than-expected US core capital goods orders. The report noted that easing concerns over the Middle East conflict also reduced inflation worries, limiting demand for bullion despite lower crude oil prices.

Markets are also reassessing the outlook for US interest rates. CME FedWatch data indicates expectations for a July rate hike have increased compared with last week, while September continues to remain the most likely window for further policy tightening, according to the report.

All Eyes on the Fed

Investors are now awaiting the outcome of the US Federal Reserve's policy meeting, where rates are widely expected to remain unchanged.

The focus will be on Fed Chair Kevin Warsh's comments for clues on the policy outlook. US GDP, Core PCE inflation, consumer confidence and weekly jobless claims due later this week are also expected to influence bullion prices.

Looking for today's city-wise bullion prices? Check our latest Gold Rate Today and Silver Rate Today pages.

Technical Levels to Watch

According to Kotak Neo Commodity Research, MCX Gold (August) is expected to trade with a sideways bias in the ₹1,41,260-₹1,44,265 range, while MCX Silver (September) is likely to remain sideways to bearish. Immediate support for MCX Gold August is placed at ₹1,41,507, while resistance is seen at ₹1,42,933, ₹1,43,374 and ₹1,44,800. Support for MCX Silver September is placed at ₹2,15,868, while resistance is seen at ₹2,20,098, ₹2,21,404 and ₹2,25,634.

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