Gold falls below ₹1.44 lakh, silver dips on weak global cues
Synopsis
Gold slipped below ₹1.44 lakh on MCX as a firmer dollar, elevated US Treasury yields, and renewed US-Iran tensions near the Strait of Hormuz capped safe-haven demand. With non-farm payrolls and Fed signals due this week, bullion traders are bracing for more volatility.
Key Takeaways
MCX gold (August) fell to ₹1,43,470 per 10 grams on 29 June , down ₹692 or 0.48% .
MCX silver (September) traded at ₹2,23,174 per kg , down ₹298 or 0.13% .
COMEX gold declined 0.41% to $4,078 per ounce ; COMEX silver fell over 1% to $58.52 per ounce .
A stronger US dollar , elevated Treasury yields , and Fed rate-hold expectations weighed on prices.
Renewed US-Iran tensions near the Strait of Hormuz limited but did not lift safe-haven demand.
Key US data — non-farm payrolls , ADP employment, jobless claims — due this week will guide the next move.
Gold and silver prices declined on the Multi Commodity Exchange (MCX) on Monday, 29 June, as weak global signals and a stronger US dollar weighed on precious metals. Gold slipped below the ₹1.44 lakh mark while silver hovered near ₹2.23 lakh per kg, tracking losses in international bullion markets.
Gold Price Movement on MCX
Gold futures for the August contract opened at ₹1,44,180 per 10 grams, marginally above the previous close of ₹1,44,162. Selling pressure emerged shortly after, dragging the yellow metal to ₹1,43,470 — a decline of ₹692 or 0.48% — by around 10 am IST. The session low touched ₹1,43,454, down 0.49% or ₹708 from the prior close.
Silver Trades Largely Flat
Silver futures for the September contract opened at ₹2,23,912 per kg against a previous close of ₹2,23,472. The white metal was last seen at ₹2,23,174 per kg, down ₹298 or 0.13%. During the session, silver swung between a high of ₹2,24,248 and a low of ₹2,22,641 — the latter representing a fall of 0.37% or ₹831.
Global Cues: COMEX and the Dollar
International markets mirrored domestic weakness. COMEX gold declined 0.41% to $4,078 per ounce, while COMEX silver fell more than 1% to $58.52 per ounce. According to commodity market experts, gold remained under pressure as investors turned cautious amid renewed geopolitical tensions and expectations that the US Federal Reserve could hold interest rates higher for longer. A stronger US dollar and elevated US Treasury yields added further weight on bullion.
Strait of Hormuz Tensions Limit Safe-Haven Demand
Safe-haven buying offered only limited support, analysts noted. Fresh exchanges between the US and Iran over the weekend strained what had been a fragile ceasefire. While a recent US-Iran peace framework had eased energy-inflation concerns by pulling crude prices lower, renewed attacks on vessels near the Strait of Hormuz have revived regional uncertainty, according to commodity analysts.
Notably, Brent crude rose about 1% to $72.78 per barrel, while US West Texas Intermediate (WTI) crude gained more than 2% to nearly $71 per barrel — a sign that energy markets are pricing in fresh supply risk even as gold failed to fully benefit from the same uncertainty.
What Markets Are Watching Next
The Indian rupee opened five paise stronger at 94.35 against the US dollar on Monday, compared with a previous close of 94.40. Investors will closely track key US economic data this week — including consumer confidence, ADP employment figures, jobless claims, and the closely watched non-farm payrolls report — for fresh signals on the Fed's policy direction and the trajectory of the dollar, analysts said.
Point of View
Strait of Hormuz jitters and oil spikes drive safe-haven flows into bullion — but a dominant dollar and the Fed's stubborn rate posture are overriding that reflex. If non-farm payrolls come in strong this week, gold could face a sharper correction. The rupee's marginal strength against the dollar offers thin comfort to domestic buyers already dealing with all-time-high base prices.
NationPress
29 Jun 2026
Frequently Asked Questions
Why did gold prices fall on 29 June?
Gold fell on 29 June primarily because of a stronger US dollar, elevated US Treasury yields, and market expectations that the US Federal Reserve will keep interest rates higher for longer. These factors reduced the appeal of non-yielding assets like gold.
What was the MCX gold price on 29 June 2025?
MCX gold futures for August were trading at ₹1,43,470 per 10 grams around 10 am IST on 29 June, down ₹692 or 0.48% from the previous close of ₹1,44,162.
How did silver perform on MCX today?
MCX silver futures for September traded at ₹2,23,174 per kg, down ₹298 or 0.13% from the previous close of ₹2,23,472. The metal touched an intraday low of ₹2,22,641 during the session.
How did US-Iran tensions affect gold prices?
Renewed US-Iran exchanges over the weekend and fresh attacks on vessels near the Strait of Hormuz provided only limited safe-haven support to gold, according to commodity analysts. The impact was offset by a stronger dollar and rate-hold expectations from the Fed.
What US data should gold investors watch this week?
Investors are tracking US consumer confidence, ADP employment, weekly jobless claims, and the non-farm payrolls report, all due this week. These releases will provide fresh signals on the Fed's interest rate path and the direction of the US dollar, both key drivers for gold and silver prices.
