Gold and silver prices extended their losses for a second straight session on the MCX on Thursday, pressured by a stronger U.S. dollar and mounting expectations that the Federal Reserve could raise interest rates this year.
In the domestic market, MCX silver futures for July 2026 delivery were down Rs 15,526 in two days (7%) to Rs 2,10,308 per kg. Gold futures for August 2026 delivery declined by Rs 5,863 to Rs 1,40,666 per 10 grams. In the previous session, the two declined by up to 0.2%.
According to the CME FedWatch Tool, traders are now expecting three rate hikes this year and see roughly a 67% probability of a hike in September. The U.S. dollar rose for a third consecutive session on Wednesday, touching a 13-month high and making gold more expensive for holders of other currencies.
Gold, traditionally viewed as a hedge against inflation, tends to lose some of its appeal when interest rates rise because it does not offer any yield.
In the international market, spot gold slipped 0.4% to $3,985.89 per ounce by 0043 GMT, after falling to its lowest level since November 2025 on Wednesday. U.S. gold futures for August delivery were down 0.2% at $4,001.60. Bullion dropped below the key $4,000-an-ounce mark on Wednesday for the first time since November 2025.
Among other precious metals, spot silver eased 0.2% to $57.33 per ounce, platinum fell 0.2% to $1,575.85, while palladium edged up 0.3% to $1,170.25.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold and silver prices are likely to remain volatile this week amid fluctuations in crude oil prices and the dollar index, as well as ahead of the release of U.S. GDP and Core PCE price index data.
According to Jain, gold has support at $3,980-$3,920 per troy ounce and resistance at $4,040-$4,085, while silver has support at $55.50-$53.80 and resistance at $60.00-$61.40 per troy ounce in the current session.
On MCX, gold has support at Rs 1,40,000-Rs 1,38,800 and resistance at Rs 1,42,400-Rs 1,43,350. Silver, meanwhile, has support at Rs 2,09,100-Rs 2,05,000 and resistance at Rs 2,16,600-Rs 2,21,000.
Jain advised investors against bottom-fishing in precious metals at current levels but suggested exiting short positions as the market has entered an oversold zone.
Gold, Silver rates today, 25 June, across major cities
Gold price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,05,952 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,15,576 per 8 grams.
Gold price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,05,832 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,15,456 per 8 grams.
Gold price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,06,792 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,16,504 per 8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,05,832 per 8 grams, while pure gold (24 carat) prices stand at Rs 1,15,456 per 8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
