MCX Gold & Silver Extend Decline: Traders Consider Profit Booking

MCX Gold and Silver futures have continued their three-day decline, prompting traders to consider booking profits before the European trading session begins. The recent correction has been significant, with MCX Gold August Futures falling from ₹146000 to ₹141742 per 10 grams, while MCX Silver September Futures have dropped from approximately ₹228900 to ₹217325 per kilogram.

The sharp decline over the past three sessions has led to a bearish momentum dominating the precious metals market. The recent correction has achieved all downside targets suggested in earlier analysis, and traders who followed these recommendations have already witnessed the full extent of their losses.

Market participants continue to monitor escalating geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, following renewed exchanges involving the United States and Iran. Additionally, rising crude oil prices have intensified concerns about inflation, which could influence the Federal Reserve's interest rate decisions.