Gold Heads for Weekly Drop as Gulf Attacks Reinforce Rate-Hike Bets
CME FedWatch tool shows a 63% chance of a September rate hike as gold loses appeal amid higher inflation concerns.
- On Friday, MCX gold traded near ₹1,44,430, down 0.60%, while silver futures plunged to an intraday low of ₹2,22,600 amid falling spot demand in Mumbai.
- Fresh US-Iran tensions and escalating rate-hike expectations drove the decline. Markets are pricing in a 63% chance of a September rate hike, up from around 54% a week earlier, reinforcing inflation concerns.
- HSBC cut its average gold price forecasts for 2026 and 2027, citing a hawkish shift in US monetary policy. COMEX gold slipped 0.64% to approximately USD 4,114.5 per troy ounce.
- Enrich Money CEO Ponmudi R noted a "cautious undertone" in gold trading, identifying immediate support at ₹1,44,000 and warning that prices need to break above resistance to improve momentum.
- Minutes from the Federal Reserve's June meeting, released earlier this week, revealed growing policymaker concerns about elevated inflation, reinforcing the probability of rate hikes this year amid ongoing geopolitical tensions.
11 Articles
11 Articles
Gold continues to fall on MCX, silver volatile amid fresh US-Iran tensions | Check city-wise rates
Rates of precious metals in futures opened lower on Wednesday, July 10, 2026, amid a fall in spot demand and fresh US-Iran tensions. The gold August 5 contract on the Multi Commodity Exchange (MCX) opened with a drop of Rs 410 or 0.28 per cent at Rs 1,44,890 per 10 grams against the previous close of Rs 1,45,300. It fell further to an intraday low of Rs 1,44,400, down Rs 900 or 0.61 per cent. In between, it touched an intraday high of Rs 1,45,06…
Gold dips as escalating US-Iran conflict fuels inflation concerns
Gold prices edged lower on Friday and were on track to post a weekly decline as escalating tensions between the United States and Iran heightened inflation concerns and reinforced expectations that the Federal Reserve could maintain a hawkish monetary policy stance. Spot gold slipped 0.1% to $4,115.79 per ounce by 0601 GMT. The precious metal was on course to register a weekly decline of 1.4%. Meanwhile, US gold futures for August delivery fell …
Gold was going down slightly this Friday and headed for a weekly loss, as rising crude prices and escalating tensions between the U.S. and Iran fed the fears that the Fed could maintain a restrictive monetary policy for longer.
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