Gold prices extended their decline for the fourth straight session on Tuesday.
As a stronger US dollar and fading expectations of an imminent Federal Reserve rate cut weighed on global precious metal sentiment. The slide follows last week’s sell-off triggered by hawkish remarks from Fed officials, which dampened hopes of any near-term policy easing.
Gold & Silver Prices in India
The weakness was mirrored in domestic markets. On Tuesday morning:
- 24K gold traded at ₹12,343 per gram (₹1,23,430 per 10g)
- 22K gold stood at ₹11,314 per gram
- 20K gold: ₹10,286 per gram
- 18K gold: ₹9,257 per gram
Silver also dipped, with Silver 999 quoted at ₹156 per gram, while Silver 925 traded at ₹144 per gram.
Global Market Snapshot
Internationally, spot gold slipped 0.1% to $4,039.19/oz, while US gold futures fell 0.9% to $4,038.60. Silver eased 0.4% to $50/oz.
Among other metals, platinum rose 0.3% to $1,538.74, whereas palladium dropped 0.5% to $1,386.01.
Analysts say the dollar’s renewed strength has made gold costlier for overseas buyers, reducing demand. With the Fed signalling that inflation remains sticky, traders now expect rate cuts to be pushed further out—denting the appeal of non-yielding assets such as gold.
What’s Next for Gold and Silver?
Dr. Renisha Chainani, Head of Research at Augmont – Gold for All, said gold is currently trading at a key support-resistance zone.
“If gold stays above $4,150, the uptrend could resume. But if it holds below $4,050, prices may correct toward $3,900,” she said, adding that the failed attempt to cross $4,200 last week has created short-term bearishness.
Chainani noted that silver remains more volatile. After meeting resistance above $54, the metal has again come under selling pressure.
She highlighted that:
- A close below $50 would turn the outlook negative.
- A break below $47 could confirm a double-top pattern, opening the way to $44.
- Conversely, a move above $53.50 might trigger a rally toward $56.
Market Outlook
- Gold is expected to remain range-bound unless:
- US economic data shows sharper weakness,
- inflation cools more quickly, or
- the Fed signals a clearer timeline for rate cuts.
Analysts believe macro triggers from the US will continue to be the biggest driver for both gold and silver in the coming weeks.
Comments are closed.