Gold prices commenced the day on a downward trajectory on the MCX on Tuesday, marking a continuation of losses for a second consecutive session. This decline comes as investors shift their focus towards the forthcoming minutes from the U.S. Federal Reserve’s June policy meeting, seeking insights into Chair Kevin Warsh’s perspective on monetary policy. In the domestic market, MCX silver futures for September 2026 delivery decreased by Rs 2,913 (1.2%) to Rs 2,33,186 per kg. Gold futures for August 2026 delivery decreased by Rs 960, settling at Rs 1,45,958 per 10 grams. In the previous session, the two concluded at a decline of 0.5%. The minutes of the Federal Open Market Committee’s meeting held on June 16-17 are set to be published on Wednesday.
At his inaugural meeting as Fed chair, Warsh eliminated references to the probable trajectory of future interest rate adjustments, asserting that such guidance could constrain the central bank’s flexibility in adapting to evolving economic conditions. According to the CME FedWatch tool, traders are currently assigning a probability of approximately 56% to a rate increase in September, a decrease from over 60% prior to the jobs data. Bullion reached a two-week high on Monday following a ceasefire agreement that alleviated certain inflation concerns. Meanwhile, the release of weaker-than-expected U.S. jobs data last week prompted markets to adjust their expectations regarding a near-term interest rate hike.
In the international market, spot gold decreased by 0.6% to $4,138.32 per ounce, while U.S. gold futures for August delivery declined by 0.4% to $4,149.90. Among other precious metals, spot silver declined 1% to $61.48 an ounce, platinum edged down 0.1% to $1,629.46, while palladium gained 0.4% to $1,272.85. Manoj Kumar Jain indicates that MCX gold finds support within the Rs 1,46,100 to Rs 1,45,500 range, while resistance is observed between Rs 1,47,400 and Rs 1,48,200. MCX silver exhibits support levels between Rs 2,33,300 and Rs 2,30,000, with resistance identified in the range of Rs 2,38,800 to Rs 2,41,000.
Jain has advised purchasing gold during price declines within the Rs 1,46,000-Rs 1,45,000 bracket, setting a stop loss beneath Rs 1,43,850, while aiming for upside targets of Rs 1,48,000 and Rs 1,49,100. He has also recommended purchasing silver during price corrections within the Rs 2,34,400-Rs 2,31,000 range, with a stop loss set below Rs 2,27,000 and target prices of Rs 2,41,000 and Rs 2,44,000. He continues to maintain a buy call on both precious metals, while advising traders to adhere strictly to the prescribed stop-loss levels.