New Delhi — Gold and silver prices remained under selling pressure Tuesday as investors assessed developments in West Asia and the outlook for U.S. interest rates.
On the Multi Commodity Exchange, August gold futures fell as much as 1.37 percent, or Rs 1,952, to an intraday low of Rs 1,40,450 per 10 grams around 11:50 a.m.
Gold was later trading at Rs 1,41,124, down Rs 1,278, or about 1 percent. It had touched an intraday high of Rs 1,41,501, down Rs 900, or 0.63 percent.
September silver futures also declined, falling more than 1 percent, or Rs 2,387, to an intraday low of Rs 2,20,247 per kilogram.
Silver was later trading at Rs 2,21,715 per kilogram, down more than Rs 900, or 0.41 percent, after reaching an intraday high of Rs 2,22,293, a decline of Rs 341, or 0.15 percent.
Market analysts said gold remained under pressure as investors continued to evaluate geopolitical developments in West Asia and the Federal Reserve’s interest rate path.
Markets are pricing in three rate hikes by the U.S. central bank this year, with the first expected in September, while investors are also awaiting the monthly U.S. employment report for additional policy signals, analysts said.
For silver, the near-term outlook remained cautious after the metal failed to hold above Rs 2,22,500.
In international trading, COMEX gold remained below $4,000 an ounce, while COMEX silver gained more than 1 percent to trade at $59.11 an ounce.
Brent crude fell more than 1 percent to $73.08 a barrel, while U.S. West Texas Intermediate crude also declined by more than 1 percent and traded below $70 a barrel. (Source: IANS)
