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Gold traded lower on MCX on June 17 as investors booked profits after a strong rally and are cautious ahead of the US Federal Reserve policy meeting. August gold futures edged lower 0.34% to Rs. 1,52,575. July silver futures slipped 0.13% to Rs. 2,49,785. Meanwhile, Brent crude futures fell 0.53% to $78.54 a barrel. US West Texas Intermediate (WTI) fell 0.74% to $75.49 a barrel.
24K gold fell by Rs. 27 to Rs. 1,51,100 per 10 grams, while 22K gold fell by Rs. 25 to Rs. 1,38,500. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,51,100, while Delhi was at Rs. 1,51,250, and Chennai at Rs. 1,53,370.
US gold edged higher on Wednesday, extending gains for a fifth straight session, as optimism around the US-Iran peace deal eased concerns over interest rate hikes.
Spot gold was up 0.4% at $4,348.93 per ounce. US gold futures for August delivery rose 0.3% to $4,368.40.
Spot silver rose 0.4% to $70.47 per ounce, platinum gained 0.9% to $1,819.45, and palladium was up 0.6% to $1,360.32.
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"This marks the first FOMC meeting to be chaired by Kevin Warsh, and traders still seem unsure about how he will reconcile a hawkish record, rising inflation, and pressure from a White House demanding a dovish pivot," Spivak said.
According to the CME FedWatch tool, markets have scaled back expectations for a US rate hike in December to 59% after the peace deal, down from around 70% last week.
"Over the longer term, structural support (for gold) is expected to persist, driven by ongoing Asian demand and continued central bank purchases as a hedge against geopolitical and policy risks," Westpac analysts wrote in a research note.
MCX gold price may find support at Rs. 1,52,000, while resistance is placed at Rs. 1,53,000. Silver price is likely to remain range-bound, with support seen at Rs. 2,49,000, and resistance placed at Rs. 2,51,000.
