Bhubaneswar, July 6 (newsalert24x7): Indian commodity markets witnessed mixed actions in early trade on Monday, with gold displaying underlying resilience while silver faced downward pressure. The divergence comes as cooling global crude oil prices significantly dial down expectations for aggressive, near-term interest rate hikes by the US Federal Reserve.

On the Multi Commodity Exchange (MCX), gold futures trading for August 5 delivery opened at ₹1,47,135 per 10 grams, marking a minor dip of 0.16% from its previous close. Meanwhile, silver futures for September 4 delivery registered a sharper opening drop, tumbling over ₹1,000 to scale ₹2,36,393 per kg.

Intraday Performance Breakdown (MCX India)

Gold (August 5 Contract):

  • Current Price (Around 11:00 AM): ₹1,47,177 per 10 grams (Down 0.14%)
  • Intraday High: ₹1,47,509
  • Intraday Low: ₹1,47,032
  • Expert Outlook: Analysts highlight that gold remains highly constructive as it holds firmly above its key short-term moving averages. A breakout past the immediate resistance level of ₹1,48,750 could quickly accelerate a massive bull run toward ₹1,50,000.

Silver (September 4 Contract):

  • Current Price (Around 11:00 AM): ₹2,36,198 per kg (Down 0.51%)
  • Intraday High: ₹2,37,676
  • Intraday Low: ₹2,36,001
  • Expert Outlook: Despite the initial profit-booking, silver's broader uptrend remains intact. If buying momentum returns, the white metal is expected to target its next critical resistance at ₹2,45,184 per kg.
The International Contrast: Interestingly, while local MCX prices saw minor red patches due to domestic currency positioning, global markets painted a deeply bullish picture. On the COMEX exchange, spot gold surged 1% to $4,173.24 per ounce, while silver jumped 2% to trade comfortably at $62.29 per ounce, fueled by softer-than-expected US jobs data released late last week.

The Macro Trigger: Crude Oil Declines as OPEC+ Steps Up

The primary driver flattening domestic bullion momentum today is the sudden slide in global oil benchmarks, which heavily caps inflationary fears:

  • Brent Crude: Slipped 0.76% (down 55 cents) to sit at $71.55 per barrel.
  • US WTI Crude: Dropped nearly 1% (down 68 cents) to slip below the critical $69 per barrel threshold.

This price correction followed a strategic agreement by OPEC+ to elevate its crude production targets for August, significantly easing long-standing anxieties over tight global supplies. With energy costs coming down, the threat of immediate US Fed rate hikes has effectively cooled off, prompting commodity traders to lock in quick profits on safe-haven metals.

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