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Gold prices declined on MCX on June 8, amid weakness in global markets and renewed tensions in the Middle East. Gold’s June futures fell 1.09% to Rs. 1,53,902 per 10 grams. Silver July futures declined 2.03% to Rs. 2,43,500 per kg. Meanwhile, Brent crude futures advanced 3.81% to $96.64 a barrel. US West Texas Intermediate (WTI) rose 3.67% to $93.86 a barrel.
24K gold fell Rs. 104 to Rs. 1,551,960 per 10 grams, while 22K gold declined Rs. 95 to Rs. 1,39,050. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,551,960, while Delhi was at Rs. 1,51840, and Chennai at Rs. 1,53,490.
US gold edged lower on Monday, extending losses from the previous session on US rate-hike concerns, while renewed tensions in the Gulf pushed oil prices higher, increasing inflation concerns.
Spot gold fell 0.2% to $4,321.49 per ounce. Prices fell about 3% on Friday, hitting the lowest since March 24, as a stronger-than-expected US jobs report raised bets for interest rate hikes.
US gold futures for August delivery were down 0.5% at $4,345.60. Gold demand was subdued in India last week as buyers stayed on the sidelines given volatile overseas prices.
Spot silver fell 0.4% to $67.52 per ounce, and platinum lost 0.2% to $1,773.69, while palladium rose 0.5% to $1,231.51.
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"It is all based on the hawkishness that the market has started to place on the Fed futures," said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold.
Technically, immediate resistance lies around $4,460-$4,500, where previous support has now become a notable resistance zone. This is followed by a stronger supply barrier near $4,560-$4,600.
On the downside, $4,350 remains a crucial support level. A decisive break below this zone could accelerate corrective pressure toward $4,250, with the possibility of an extended decline toward $4,100, reinforcing the prevailing bearish structure.
