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Gold Price Today: Gold and silver futures open mixed on MCX ahead of US data. MCX Gold shows potential downside with support at Rs 71,700. Neha Qureshi recommends selling MCX gold at Rs 72,200 and silver at Rs 94,000.
Gold prices experienced a decline on Tuesday. Despite the dip, gold retained its strength as traders awaited US inflation data, which could influence the Federal Reserve's decision regarding interest rate cuts.
Gold prices on the MCX for June futures contracts slipped by Rs 126 or 0.18% to reach Rs 71,451 per 10 grams amid a backdrop of escalating treasury yields and profit booking.This decline in gold prices marks its most significant weekly drop of the year, following a record high earlier in the week.
India Business News: Gold prices have dropped on the Multi Commodity Exchange (MCX) as the US Federal Reserve is set to decide on an interest rate cut later this week.
Gold has been in an uptrend for the third consecutive month, partly due to high demand from central banks and investors looking for safe investments.