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Commodities

MCX Gold and Silver Prices Drop Amid Profit Booking Ahead of US Fed Decision

Guavy AI Editorial Team
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Gold and silver prices on the Multi Commodity Exchange (MCX) fell up to 1% in early deals on Tuesday, mirroring weak global cues.

The weakness was due to profit-taking as investors booked their gains ahead of the highly anticipated US Federal Reserve policy decision scheduled for Wednesday, July 29. The dollar index hovered near 101.5, which further added to the selling pressure on precious metals.

In international markets, US gold prices traded lower due to easing geopolitical tensions following a pause in retaliatory strikes between the US and Iran, leading to reduced safe-haven demand for gold.

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