Gold traded lower on MCX on June 30, pressured by a rise in the US dollar and weak global cues amid expectations of US Fed rate hikes this year. August gold futures fell 1.16% to Rs. 1,40,757. July silver futures slipped 0.55% to Rs. 2,18,200. Meanwhile, Brent crude futures fell 0.87% to $72.51 a barrel. US West Texas Intermediate (WTI) fell 0.62% to $70.31 a barrel.
According to the CME FedWatch Tool, traders now expect three rate hikes from the US Federal Reserve this year, with a 64% chance of a September hike.
24K gold fell by Rs. 180 to Rs. 1,40,130 per 10 grams, while 22K gold declined by Rs. 165 to Rs. 1,28,450. By city, Mumbai and Kolkata mirrored prices at Rs. 1,40,130, while Delhi was at Rs. 1,40,280, and Chennai at Rs. 1,45,080.
US Gold prices fell over 1% on Tuesday and were set for their biggest monthly decline since October 2008.
Spot gold declined 1.5% to $3,956.92 per ounce, falling 12.7% so far in the month, a fourth straight monthly fall. US gold futures for August delivery declined 1.7% to $3,969.30.
Spot silver fell 2% to $57.13 per ounce, platinum lost 1.1% to $1,557.21, and palladium slid 0.4% to $1,208.17.
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"You have high inflation, high interest rate expectations, and a strong dollar, and that's overriding all other bullish factors that are typically associated with a gold rally," said Edward Meir, an analyst at Marex.
Internationally, gold has support at $3,994 and $3,955, while resistance is at $4,074 and $4,110 per troy ounce, and silver has support at $57 and $55.40, while resistance is at $60 and $61.60 per troy ounce.
On MCX, gold has support at Rs. 1,41,100 and Rs. 1,40,000, and resistance is at Rs. 1,43,600 and Rs. 1,44,800, while silver has support at Rs. 2,16,600 and Rs. 2,14,000 and resistance at Rs. 2,22,400 and Rs. 2,25,000.