Gold slips to ₹1.52 lakh per 10 grams, silver drops over ₹4,000 per kg on MCX

Gold and silver prices declined in Indian futures trade on Tuesday (June 16), tracking weak global cues and a fall in spot demand, while analysts pointed to profit booking and cautious sentiment in commodities markets.

On the Multi Commodity Exchange of India (MCX), gold contracts for August delivery fell by ₹358, or 0.23%, to ₹1.52 lakh per 10 grams. The contract saw a turnover of 8,822 lots during the session. Silver also witnessed sharper losses, with July futures dropping ₹4,058, or 1.61%, to ₹2.47 lakh per kilogram, amid reduced participation from traders.

Analysts said the decline in domestic prices largely reflected weak global cues and cautious positioning after recent volatility in bullion markets.

Globally, gold futures were slightly lower,

while silver also traded in the negative territory in overseas markets, adding pressure on domestic benchmarks.

Market participants noted that easing geopolitical risk perceptions and shifting expectations around US monetary policy continue to influence bullion trends.

According to CME FedWatch indicators, expectations of a December Federal Reserve rate move have moderated in recent sessions, though uncertainty persists.

Commenting on the outlook, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions, President of India Bullion and Jewellers Association and Chairman at Jain International Trade Organisation, said gold and silver had recovered from recent lows after geopolitical developments, including signals of a possible US-

Iran interim understanding, which briefly improved risk sentiment. However, he added that markets remain cautious as details of any agreement are still unclear.

From a technical perspective, Ravi Singh, Chief Research Officer – Master Capital Services, noted that MCX gold has been struggling near the resistance zone, with immediate support placed around ₹1.51 lakh per 10 grams.

A decisive move above resistance could improve the short-term outlook, while a break below support may trigger further downside pressure.

Overall, bullion prices remain range-bound as traders balance geopolitical developments, global interest rate expectations, and near-term demand trends.

-With agencies inputs