MCX gold and silver extend losses on July 1 as rate outlook weighs; August gold drops 1.18%
AI Market Summary
Gold and silver extended a second day of losses as markets repriced for "higher-for-longer" Fed policy, reducing the appeal of non-yielding precious metals. The stalling of US-Iran diplomacy and headlines around Iran's resumed crude exports added cross-commodity pressure by shifting focus toward improved oil supply and a firmer rates backdrop. Near-term bullion sentiment remains sensitive to Fed communication and Middle East developments.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.61%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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On July 1, gold and silver extended a second straight day of declines at home and abroad as markets weighed expectations for higher US interest rates and fading prospects of a near-term US-Iran diplomatic breakthrough. MCX gold for August fell 1.18% to Rs 1,40,844 per 10 grams, while spot gold dropped 0.92% to $3,970.97 per ounce. Silver also slid across futures and spot markets, adding to the pullback in precious metals. Oil prices rebounded on reports that Iran had restarted crude exports after the lifting of the US naval blockade, increasing pressure across commodities.
