MCX gold hits Rs 1,41,649/10g and silver touches Rs 2,20,408/kg as weaker dollar lends support
AI Market Summary
Gold and silver are finding support from a softer US dollar, which improves bullion's relative attractiveness for non-USD investors. However, crude oil above $90/bbl is intensifying inflation concerns and reinforcing expectations for additional Fed tightening, offsetting some of the safe-haven bid. The result is a mixed near-term setup for precious metals, with supportive FX dynamics facing macro headwinds from energy-led inflation.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.13%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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On July 20, gold and silver futures on India’s MCX climbed, with the August gold contract reaching an intraday high of Rs 1,41,649 per 10 grams (+0.52%) and September silver rising to Rs 2,20,408 per kg (+1.85%). In global trade, COMEX gold edged down 0.24% while COMEX silver gained 0.88%. Analysts said a softer U.S. dollar helped underpin bullion, though crude oil above $90 a barrel has fueled inflation worries and reinforced expectations of further Federal Reserve rate hikes.
