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Gold traded lower on MCX on June 23 as expectations of a US Federal Reserve rate hike this year triggered profit booking in precious metals and the dollar index was above the 100 mark. August gold futures fell 0.92% to Rs. 1,46,750. July silver futures slipped 2.59% to Rs. 2,28,230. Meanwhile, Brent crude futures declined 0.35% to $77.63 a barrel. US West Texas Intermediate (WTI) fell 0.18% to $73.73 a barrel.
According to the CME FedWatch Tool, traders now expect an 88% chance of a rate hike in December, up from 61% before the Fed meeting last week.
24K gold fell by Rs. 207 to Rs. 1,45,910 per 10 grams, while 22K gold fell by Rs. 190 to Rs. 1,33,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,45,910, while Delhi was at Rs. 1,46,060, and Chennai at Rs. 1,47,930.
US gold prices were steady on Tuesday as investors assessed US-Iran peace talks, while rising expectations of a Federal Reserve interest rate hike in December weighed on the metal.
Spot gold was steady at $4,191.09 per ounce. US gold futures for August delivery rose 0.2% to $4,208.40.
Spot silver fell 0.4% to $64.92 per ounce, and platinum lost 0.4% to $1,672.90, while palladium was up 0.1% at $1,266.35.
Also Read: Gold ETFs vs Physical Gold: Where are Investors Putting Their Money?
"Gold had received some relief from lower oil prices this week, but it is getting no such favors from the US dollar, which continues to push higher on expectations of Fed rate hikes," said Tim Waterer, chief market analyst at KCM Trade.
Internationally, gold has support at $4,164 and $4,135 while resistance is at $4,238 and $4,274 per troy ounce, and silver has support at $63.55 and $62.40, while resistance is at $67.10 and $68.50 per troy ounce.
On MCX, gold has support at Rs. 1,47,400 and Rs. 1,46,650 and resistance is at Rs. 1,49,000 and Rs. 1,49,850, while silver has support at Rs. 2,31,400 and Rs. 2,28,800 and resistance is at Rs. 2,37,700 and Rs. 2,40,400.
