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Gold traded lower on MCX on July 15 despite a slowdown in US inflation which lowered the prospects of aggressive rate hikes by the US Federal Reserve and eased the US dollar. August gold futures fell 0.46% to Rs. 1,41,600. September silver futures declined 0.31% to Rs. 2,22,499. Meanwhile, Brent crude futures rose 1.20% to $85.75 per barrel. US West Texas Intermediate (WTI) advanced 0.92% to $80.07 per barrel.
According to the CME FedWatch Tool, traders now expect a 58% chance of a September rate hike by the Fed, down from 78%.
24K gold rose by Rs. 77 to Rs. 1,43,570 per 10 grams, while 22K gold also advanced by Rs. 70 to Rs. 1,31,600. By city, Mumbai and Kolkata mirrored prices at Rs. 1,43,570, while Delhi was at Rs. 1,43,720, and Chennai at Rs. 1,43,780.
US gold prices fell on Wednesday after climbing more than 2% in the previous session, as rising oil prices fueled inflation concerns and uncertainty.
Spot gold was down 0.5% at $4,035.67 per ounce. US gold futures for August delivery eased 0.7% to $4,042.20.
Spot silver lost 0.3% to $58.48 per ounce. Platinum gained 0.2% to $1,635.56 and palladium edged 0.2% higher to $1,307.11.
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"I reckon that the market is now looking past the CPI data, which is kind of a lagging indication... Trump continues to maintain the blockade of ships that is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure," said Kelvin Wong, a senior market analyst at OANDA.
Internationally, gold has support at $4,022 and $3,989 while resistance is at $4,110 and $4,140 per troy ounce and silver has support at $57.40 and $56, while resistance is at $60.60 and $62.00 per troy ounce.
On MCX, gold has support at Rs. 1,41,400 and Rs. 1,40,650, and resistance at Rs. 1,43,350 and Rs. 1,44,500, while silver has support at Rs. 2,20,000 and Rs. 2,17,700, and resistance at Rs. 2,26,000 and Rs. 2,28,800.
