Gold, silver fall as US inflation cools Fed hopes
Business
Gold and silver prices took a hit on Wednesday, following global trends after US inflation dropped by 0.4% in June.
With core inflation now at 2.6%, hopes for an immediate US Fed rate hike faded, but higher oil prices and tensions in West Asia kept worries about inflation alive, making investors less interested in gold.
MCX gold futures drop to ₹1.41L
On MCX, gold futures for August delivery fell ₹983 to ₹1.41 lakh per 10gm, while silver also slipped alongside global losses.
COMEX gold dropped to $4,045.80 an ounce and silver slid to $58.83 an ounce.
Ravi Singh, Chief Research Officer at Master Capital Services, noted that gold is still showing bearish vibes below key moving averages and suggested a "sell on rise" approach, with possible dips toward ₹1.36 lakh.