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Gold traded mixed on MCX on June 16 as investors waited for more clarity on the US-Iran peace agreement. August gold futures edged up 0.05% to Rs. 1,52,993. July silver futures slipped 0.44% to Rs. 2,50,350.
Meanwhile, Brent crude futures fell 0.14% to $83.05 a barrel. US West Texas Intermediate (WTI) rose 0.06% to $80.80 a barrel.
According to the CME FedWatch tool, markets have scaled back expectations for a US rate hike in December to 57% after the peace deal, down from around 70% last week.
24K gold fell by Rs. 16 to Rs. 1,51,370 per 10 grams, while 22K gold rose by Rs. 15 to Rs. 1,38,750. City-wise, Mumbai and Kolkata mirrored prices at Rs. 1,51,370, while Delhi was at Rs. 1,51,520, and Chennai at Rs. 1,53,500.
US gold prices remained steady on Tuesday after rising to a one-week high in the previous session.
Spot gold was up 0.1% at $4,311.36 per ounce, after rising over 2% on Monday to hit its highest level since June 5.
US gold futures for August delivery were down 0.4% at $4,332.60. Spot silver fell 0.4% to $69.74 per ounce, platinum lost 0.4% to $1,761, and palladium was down 1.3% to $1,331.59.
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"Markets are expecting no rate decreases this year. If Warsh signals that at least one cut could be on the table later this year, the dollar should decrease further and we could see another rally in gold," Meir said.
"However, if he comes across as more hawkish on rates, gold could come under some pressure," he added.
MCX gold price has support at Rs. 1,52,500 level, while it may face resistance at Rs. 1,53,500 level. Silver price may find support at Rs. 2,49,000 level, while resistance is seen at Rs. 2,51,500 level. The outlook remains weak, and a correction in silver prices is anticipated.
