MCX Gold August Futures has experienced a 0.37% jump to ₹1.40,799 per 10 grams as of 9:04 am on Tuesday, July 14, following US President Donald Trump's announcement of plans to impose shipping fees on vessels using the Strait of Hormuz. According to NDTV Profit, this latest development has heightened geopolitical tensions and pushed energy costs higher. The precious metal had earlier fallen as much as 1.33% or ₹1,921 to an intraday low of ₹1.41,557 at around 10 am, before recovering to trade at ₹1.42,100. Latest market data shows 22K gold rates in Balod at ₹1.43,120 per gram with a -1.47% decline, while 24K gold rates stand at ₹1.31,190 per gram with a -1.46% decline. The immediate support level remains at ₹1.40,543, with the price moving close to its short-term EMAs and remaining in a consolidation phase.
MCX Silver September Futures has experienced a 0.27% increase to ₹2.18,300 per kg as of 9:04 am on Tuesday, July 14, representing a 0.72% recovery from earlier session lows. According to NDTV Profit, the white metal opened higher on Tuesday, snapping a two-day losing streak as investors awaited the US June CPI data for fresh cues on inflation and the Federal Reserve's policy outlook. The precious metal had earlier fallen as much as 2.41% or ₹5,387 to an intraday low of ₹2.17,277 at around 10 am, before recovering slightly to trade at ₹2.18,665, down ₹3,999 or 1.80%. The recent pullback from higher levels has brought silver closer to the ₹2.20 lakh support zone, which is now the immediate level to watch on the downside.
Global precious metals markets showed mixed performance with MCX gold continuing to rise while international markets declined. As per NDTV Profit, spot gold traded near $4,010 an ounce after losing 2.9% in the previous session, recovering from its lowest level since July 1. The divergence comes as US gold futures for August delivery gained 0.4% at $4,020.80, while spot silver prices eased 1.2% to $56.98 per ounce after touching a two-week low. The recovery came after gold prices had slipped about 3% in its biggest daily percentage decline in more than a month in the previous session. The fall in gold prices intensified after continued fighting between the US and Iran led to a surge in oil prices to one-month highs, but current gains suggest renewed investor interest at lower levels.
The probability of September US Fed rate hike has risen to around 78% from 57% a week ago, according to CME Group's FedWatch Tool, as reported by The Economic Times. Fed Governor Christopher Waller said that the US central bank may need to raise interest rates in the near term if upcoming data show inflation remaining well above the 2% target. While gold is often viewed as a hedge against inflation, higher rates tend to weigh on the non-yielding metal by increasing the appeal of interest-bearing assets. Investors will watch out for US CPI data for June due later in the day for fresh clues on inflation and the Fed's policy path, with PPI data and Fed Chair Kevin Warsh's first semi-annual testimony before Congress this week also in focus.
Fresh US military strikes on Iran and retaliatory actions by Tehran have intensified market volatility, with Iran adopting an aggressive stance by targeting US military bases in Kuwait, Bahrain and Jordan. As per The Economic Times, the US military carried out a third consecutive night of strikes against Iran, while two tankers were attacked in the Strait of Hormuz after US President Donald Trump announced that Washington was reinstating its blockade of Iranian shipping in the Gulf. The geopolitical escalation sent oil prices to their highest levels since mid-June after a nearly 9% surge in the previous session, while US Treasury yields and the dollar strengthened, weighing on demand for non-yielding assets such as gold. Escalating US-Iran war lifted crude oil prices higher and reinforced expectations of further interest rate hikes by the US Federal Reserve, keeping sentiment weak for bullion despite the current recovery in precious metals.
According to The Economic Times, gold is expected to find support in the ₹1,39,100-1,37,700 range with resistance at ₹1,41,400-1,42,200, while silver support is seen at ₹2,16,000-2,12,400 with resistance at ₹2,20,000-2,22,500. Trader Jain advised avoiding fresh long positions in gold and silver at current levels, but suggested that long-term investors could use the ongoing correction to accumulate the two precious metals through the SIP route. In physical markets, gold prices in Delhi stand at ₹1,04,912/8 grams for 22K and ₹1,14,440/8 grams for 24K, while Mumbai rates are ₹1,04,792/8 grams and ₹1,14,320/8 grams respectively. Chennai and Hyderabad rates are ₹1,05,592/8 grams and ₹1,15,192/8 grams respectively for 22K gold.
