Gold and silver slip in India as US dollar strengthens
Gold and silver prices in India dropped on Wednesday, thanks to a stronger US dollar and some shaky global signals.
On the MCX, gold futures slipped over 1% to ₹1.46 lakh per 10gm, while silver fell below ₹2.33 lakh per kilogram.
Traders are reacting to hints from the US Federal Reserve about keeping interest rates high, which has made bullion less attractive.
Analysts watch gold at ₹1.45L
Analysts are keeping an eye on gold's support level at ₹1.45 lakh: If it drops below that, we could see prices fall closer to ₹1.40 lakh per 10gm.
Silver isn't doing much better; after a sharp drop on June 23 to ₹2.26 lakh per kilogram, it is now trading below ₹2.33 lakh per kilogram.
Investors are waiting for the upcoming US Personal Consumption Expenditures report to see how inflation might affect future trends in both metals.