Gold Price Falls: Precious metals had a small and uneasy day on June 23. A stronger US dollar pushed investors to lock in profits, and that put pressure on gold prices. Domestic spot gold dropped by Rs 780 and settled near Rs 1,46,000 for 10 grams of 24-carat purity. In the global market, gold was also softer and moved around $4,140 an ounce.
The August gold futures contract on MCX first slipped to an intraday low of Rs 1,46,398 per 10 grams. Later, it recovered some ground and was seen at Rs 1,46,980 at 17:46 IST. That was still 0.27 percent below the previous close. The India Bullion and Jewellers Association fixed the evening standard price of 24-carat gold at Rs 1,45,583 per 10 grams. That was Rs 71 higher than the morning rate.
EPF Withdrawal Rules 2026: Tax, TDS, Forms and Claim Process Explained
Why the Fall was Not too Sharp in India?
Analysts said the softer rupee helped Indian gold avoid a bigger fall. The rupee weakened 0.17 percent against the US dollar and slipped below 95.35. Because of that, the drop in MCX gold was smaller than the sharper fall seen in overseas prices.
Jateen Trivedi, VP Research Analyst at LKP Securities, said, “Gold witnessed mild profit booking as Comex Gold slipped below $4,150 to around $4,140, declining nearly 0.80 percent amid a stronger US dollar. MCX Gold also came under pressure, falling around Rs 780 to Rs 1,46,600,”. He added that gold may keep moving up and down as traders wait for fresh signs from the US economy.
What Traders are Watching for?
The next big cues are likely to come from this week’s US Manufacturing PMI, Non-Manufacturing PMI, and the Federal Reserve meeting minutes. These numbers may decide where the dollar goes next and that can also sway gold prices. Trivedi said, “Gold is likely to remain volatile as traders await these key macroeconomic cues,”.
The bigger gold story still looks tied to the Fed. The market expects at least one more rate hike this year, while the Fed’s own view is split. The report also said the November 2026 midterms will be watched closely.
Income Tax Returns: How to Access, File and Submit Your ITR-1 Form Online
Longer-Term Outlook
Even with the pullback, Augmont Bullion’s July 2026 monthly report said the wider trend for gold is not broken. It noted that the dip came even though geopolitical worries remain and central banks are still buying. The report said the main reason for the fall was a sharp change in rate expectations. It also said a wider sell-off in liquidity added more pressure.
Augmont expects gold could move back toward $4,400 in the next few weeks. It also sees a clear trigger as needed for gold to reach $4,900 to $5,000 by the end of 2026. The report added, “A fresh high is possible in 2027, if conditions stay favourable. Technically, $3950–$4000 has been a strong support zone where prices have bounced before, and it should hold again.”
