.png){kind=logo}
Gold traded lower on MCX on July 7 as investors awaited the US Federal Reserve's minutes for the June policy meeting for further cues on the central bank's monetary policy. August gold futures fell 0.63% to Rs. 1,45,990. September silver futures fell 1.23% to Rs. 2,33,201. Meanwhile, Brent crude futures rose 0.60% to $72.42 a barrel. US West Texas Intermediate (WTI) advanced 0.51% to $68.90 a barrel.
According to the CME FedWatch Tool, traders now expect a 56% chance of a September hike by the Fed, down from 60% previously.
24K gold fell by Rs. 136 to Rs. 1,45,260 per 10 grams, while 22K gold also declined by Rs. 125 to Rs. 1,33,150. By city, Mumbai and Kolkata mirrored prices at Rs. 1,45,260, while Delhi was at Rs. 1,45,410, and Chennai at Rs. 1,47,920.
US gold prices eased on Tuesday, trading below a two-week high, with investors awaiting the US Federal Reserve's June meeting minutes.
Spot gold fell 0.6% to $4,138.32 per ounce. US gold futures for August delivery eased 0.4% to $4,149.90.
Spot silver slipped 1% to $61.48 per ounce, platinum eased 0.1% to $1,629.46, while palladium rose 0.4% to $1,272.85.
Also Read: Bitcoin and Gold Face Unusual Decline as Investors Face New Market Pressures
"Gold price action looks like a little bit of a continuation of last week, some basing out, forming a support level, obviously waiting for a little bit of direction from the Fed minutes to get a bit more sense around what the Fed's thinking is on the short-term interest rate policy," said Nicholas Frappell, global head of institutional markets at ABC Refinery.
Internationally, gold has support at $4,135 and $4,100, while resistance is at $4,194 and $4,220 per troy ounce, and silver has support at $61.20 and $59.80, while resistance is at $63.40 and $64.20 per troy ounce. On MCX, gold has support at Rs. 1,46,100 and Rs. 1,45,500 and resistance at Rs. 1,47,400 and Rs. 1,48,200, while silver has support at Rs. 2,33,300 and Rs. 2,30,000 and resistance at Rs. 2,38,800 and Rs. 2,41,000.
