MCX gold and silver futures slide on July 23 after rally; August gold at ₹1.45 lakh, September silver at ₹2.25 lakh
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Gold and silver pulled back after a sharp rally as profit-taking met renewed focus on the July 29 Fed decision, where "higher for longer" rates would weigh on non-yielding metals via yields and the dollar. Rising oil prices from West Asia tensions add to inflation uncertainty, complicating rate-path expectations. Safe-haven demand from geopolitics remains a partial offset, limiting downside follow-through.
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MCX gold and silver futures retreated on July 23 after a sharp rally, as traders booked profits. The August gold contract traded at ₹1.45 lakh per 10 grams, down 0.44%, while the September silver contract was at ₹2.25 lakh per kg, down 0.50%. Attention has shifted to the US Federal Reserve’s July 29 policy meeting, with concerns that rates could stay elevated weighing on non-yielding bullion. Higher crude prices amid West Asia tensions have also fueled inflation worries, adding uncertainty to the interest-rate outlook.
