Daijiworld Media Network - New Delhi
New Delhi, Jun 27: Gold prices ended the week lower for the fourth consecutive time, as a stronger US dollar and expectations of prolonged high interest rates continued to weigh on bullion markets.
Although gold and silver recovered on Friday after softer US inflation data eased fears of an immediate Federal Reserve rate hike, the broader weekly trend remained negative.
On the Multi Commodity Exchange (MCX), August gold futures rose 0.75 per cent during Friday’s trade, while July silver futures advanced more than 1 per cent.
Gold futures were trading at Rs 1,44,199 per 10 grams, while silver futures stood at Rs 2,22,100 per kilogram.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold fell sharply during the week, dropping from Rs 1,46,664 at Monday’s opening to Rs 1,39,878 by Thursday — a decline of 4.63 per cent.
The precious metal had earlier slipped to its lowest level since November 2025 before staging a partial recovery toward the end of the week.
Market analysts said increased volatility in technology stocks and concerns related to the artificial intelligence sector prompted some investors to move back into traditional safe-haven assets such as gold, helping prices rebound.
However, elevated US Treasury yields continue to limit gains because they reduce the attractiveness of non-interest-bearing assets like gold and silver.
Despite Friday’s recovery, international gold prices remain nearly 29 per cent below the record high of $5,594.82 per ounce touched on January 29, 2026.
Analysts noted that COMEX gold is still trading with a corrective bias, with major support seen around $4,000 and resistance in the $4,200-$4,240 range, followed by $4,360-$4,400.
For MCX gold, immediate resistance is placed between Rs 1,46,000 and Rs 1,47,000, while stronger resistance lies around Rs 1,49,000-Rs 1,50,000. Key support remains at Rs 1,40,000-Rs 1,39,000.
In MCX silver, resistance is seen near Rs 2,30,000-Rs 2,32,000. Analysts warned that a fall below Rs 2,10,000 could trigger further declines toward Rs 2,00,000-Rs 1,98,000.
On the macroeconomic front, the US Personal Consumption Expenditures (PCE) Price Index — the Federal Reserve’s preferred inflation measure — rose 0.4 per cent in May, reducing immediate concerns of another rate hike.
Even so, financial markets continue to assign a 64 per cent probability to a further Federal Reserve tightening in September, according to the CME FedWatch Tool.