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Gold, silver hammered – The HinduBusinessLine

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Precious metals took a pounding in June with Comex gold facing the worst quarterly loss in 13 years. The hawkish stance adopted by the US Federal Reserve and the firming up of the US Dollar robbed the sheen off precious metals. The uncertainty surrounding the US-Iran war also played a role in shaping sentiment towards the metals.

As a result, Comex gold closed almost 12 per cent lower to settle at $4,021.8 by the end of June. Comex gold price saw a 14.4 per cent fall in April-June quarter. Comex silver too took a hit.

The white metal took a steeper cut of 21.88 per cent to close at $59.04. Silver lost as much as 21.6 per cent in price second quarter of 2026.

Mirroring global market trend, precious metal prices took a hit in local markets too. MCX gold slid 11.49 per cent to settle at ₹1,42,546/10-gram. MCX silver, too, closed on a weak note at ₹2,28,665/kg or a 16.58 per cent fall.

The fall has damaged the bullish price structure in Comex gold. The breach of the lower end of the trading range of $4,400 indicates that the short-term trend has turned negative. The short-term outlook is bleak with likely drop to $3,750-$3,850 range.

Negative trend

The short- to medium-term trend for Comex gold has turned negative now. The trend will stay weak unless the price closes above $4,410. Until this breakout happens, expect gold price to drift lower to a target zone of $3,750-$3,850. The trend in Comex silver, too, has turned weak owing to the breach of the crucial support level at $71. As a result, the price is now vulnerable to a slide to the next support zone at $54-$56. This view would be invalidated only if the price moves above the resistance at $72.

The fall below lower end of prior trading range of ₹1,53,000-₹1,55,000 is a sign of weakness for MCX Gold. The price is likely to seek lower levels of ₹1,35,000-₹1,40,000 range in the near term. This view would stay valid until the price trades below ₹1,66,000.

Similar to gold, the trend in MCX silver price, too, has turned bearish as the price breached the prior support level at ₹2,80,000. The price could now drop to the next support level at ₹1,95,000-₹2,05,000 in the near term. Only a breakout above ₹2,80,000 would invalidate this negative view.

Conclusion

To summarise, the trend for gold and silver turned negative post the breach of key support levels. The trend would remain weak until the resistance level mentioned above is not taken out.

The author is a Chennai-based analyst/trader

The views and opinions featured in this column are based on the analysis of short-term price movement in gold and silver futures at COMEX & Multi Commodity Exchange of India. This is not meant to be a trading or investment advice.

Published on July 5, 2026



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