Gold Price Drops 0.64% on MCX Amid Profit Booking Ahead of US Fed Decision
The price of gold on the Multi Commodity Exchange (MCX) dropped by 0.64% to Rs 1,42,150 per 10 grams due to profit booking ahead of the US Federal Reserve's monetary policy decision. The August 5 contract opened with a drop of Rs 710 or 0.49% from its previous close. It later fell to an intraday low of Rs 1,41,681, down by Rs 1,382 or 0.96%. On the MCX, the October 2026 gold futures were down by Rs 746 or 0.52%.
Ponmudi R, CEO of Enrich Money, said that the near-term outlook for gold remains negative and prices need to reclaim and sustain above the immediate resistance zone to improve momentum. The yellow metal futures are trading with a negative bias, with immediate support at Rs 1,42,000-1,41,500 and a decisive break below this zone could drag prices towards the Rs 1,40,500-Rs 1,40,000 support area.
Similarly, silver futures maturing on September 4, 2026, opened in the red. The COMEX gold price dropped by 0.65% to approximately USD 4,050.4 per troy ounce. In India, the prices of precious metals varied across cities, with 24-carat gold available at Rs 1,44,320 per 10 grams in Delhi and Rs 2,35,000 per kg for silver.