Gold Rates Take a Significant Hit

Gold June futures on MCX saw a sharp decline of Rs 2,224 or 2.3%, trading at Rs 94,294 per 10 grams. This drop comes as tensions between India and Pakistan show signs of easing, and optimism grows over a potential settlement in the US-China trade dispute.

Silver Also Sees a Decline

Silver July futures contracts weren't spared, registering a decrease of Rs 621 or 0.64%, opening at Rs 96,108 per kg.

Previous Gains Overturned

Despite closing positively the previous day, both precious metals couldn't maintain their momentum, influenced by geopolitical tensions and monetary policy decisions.

Expert Analysis and Predictions

Manoj Kumar Jain of Prithvifinmart Commodity Research highlights the impact of the Bank of England's interest rate cut and provides a detailed outlook on potential price ranges for gold and silver in the coming week.

Market Outlook

With the dollar index remaining strong and the Federal Reserve holding interest rates steady, precious metals face constraints in their gains, despite ongoing international economic concerns.