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Gold traded lower on MCX on June 19 following a weak trend in the precious metals market, as expectations of higher interest rates and a strong dollar weighed on bullion prices. August gold futures fell 1.61% to Rs. 1,46,909. July silver futures slipped 2.79% to Rs. 2,30,944. Meanwhile, Brent crude futures declined 0.79% to $79.22 a barrel. US West Texas Intermediate (WTI) fell 0.75% to $75.28 a barrel.
24K gold fell by Rs. 365 to Rs. 1,45,850 per 10 grams, while 22K gold fell by Rs. 335 to Rs. 1,33,700. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,45,850, while Delhi was at Rs. 1,49,650, and Chennai at Rs. 1,52,170.
US gold prices fell on Friday and were on track for a third consecutive weekly decline, as a stronger dollar and hawkish signals from the US Federal Reserve weighed on sentiment.
Spot gold was down 0.6% at $4,184.33 per ounce. US gold futures for August delivery fell 1% to $4,202.10.
Goldman Sachs expects gold prices to rise to $4,900 per ounce by December, lower than its earlier forecast of $5,400, as the bank doesn't expect a Fed rate cut this year anymore.
On the geopolitical front, oil tankers sailed through the Strait of Hormuz and the US said it lifted its blockade on Iran on Thursday.
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"Gold's rally on the back of the US-Iran peace deal proved short-lived. The resurgent dollar, powered by the Fed's newly hawkish tone under Kevin Warsh, has stolen the spotlight," said Tim Waterer, chief market analyst at KCM Trade.
"The new chairman's firm stance has effectively neutralised the geopolitical tailwind, reminding everyone that monetary policy still calls the shots."
MCX gold rate remains weak amid a fresh decline, with immediate support seen at Rs. 1,46,750 and resistance placed at Rs. 1,49,480. MCX silver price has support at Rs. 2,28,500 and resistance is seen at Rs. 2,33,000.
