Gold declined over 4 pc this week over stronger US dollar, high treasury yields
New Delhi, June 27
Gold prices dipped 4.63 per cent during the week, marking the fourth consecutive weekly decline amid a stronger dollar and persistent expectations of higher US interest rates.
On the Multi Commodity Exchange (MCX), gold futures (August) gained 0.75 per cent on Friday, while silver futures (July) surged more than 1 per cent after US inflation data tempered immediate concerns about a Federal Reserve rate hike.
Currently, gold futures stand at Rs 1,44,199 and silver futures at Rs 2,22,100 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,39,878 on Thursday down from Rs 1,46,664 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).
The rebound towards the end of the week comes after bullion slumped to its lowest since November 2025, earlier this week.
Volatility in technology stocks and concerns around artificial intelligence prompted some investors to seek safe‑haven assets, supporting yellow metal's rebound. Elevated Treasury yields have reduced the appeal of non-yielding assets such as gold and silver.
Despite the rebound, gold has lost roughly 29 per cent from its record high of $5,594.82 seen on January 29, 2026.
COMEX Gold continues to trade with a corrective bias with prices currently hovering above $4,000 support area. Immediate resistance is placed at $4,200 to $4,240, followed by $4,360 to $4,400, analysts said.
Immediate resistance for MCX Gold is placed at Rs 1,46,000 to Rs 1,47,000, followed by Rs 1,49,000 to Rs 1,50,000. On the downside, Rs 1,40,000-Rs 1,39,000 remains the immediate support.
Immediate resistance for MCX Silver is placed at Rs 2,30,000 to Rs 2,32,000, while a break below Rs 2,10,000 level could extend the decline toward Rs 2,00,000 to Rs 1,98,000
The Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation gauge, rose by 0.4 per cent in May, easing immediate Fed rate‑hike concerns.
Markets, however, continue to price in a 64 per cent probability of a further tightening in September as per the CME FedWatch Tool.
— IANS
Reader Comments
Finally, a good time to buy! My wedding is next year, and I was dreading the high prices. If it dips further to ₹1,40,000, I'm going all in. The US dollar strength won't last forever.
The RBI must be watching this closely. A weaker gold price helps our trade deficit a bit, but it also means less wealth for millions of Indian households who treat gold as savings. Mixed feelings, honestly.
I think the analysts are right. The ₹1,40,000 support is crucial. If it breaks, we could see a sharper correction. But with all the global uncertainty and AI bubble fears, gold will bounce back eventually. Patience is key.
My grandmother always said, "Gold is like a loyal friend - it never abandons you in tough times." Seeing this dip makes me nervous, but I'll hold on to my small savings. The US dollar can't stay strong forever. 🇮🇳
One criticism: the article mentions "corrective bias" but doesn't explain what that means for a common investor like me. Also, Rs 1,44,199 is still very high for middle-class families trying to save. Wish the government would do more to stabilize prices.
A We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.