Highlights
- MCX Gold June futures traded near ₹159,330.00 per 10 grams, down 1.63% intraday
• COMEX Gold futures slipped to around $4,624.87 per ounce amid stronger dollar pressure
• MCX Silver July futures dropped sharply as broader precious metals weakness intensified
• US Dollar Index touched a two-week high after stronger-than-expected inflation data
• Rising crude oil prices and Middle East tensions continued to fuel inflation concerns globally
• Traders monitored Trump-Xi talks closely for signals on trade relations and geopolitical developments
Overview
Gold prices remained under pressure across both domestic and international markets as stronger US economic data, rising oil prices, and dollar strength weighed heavily on bullion sentiment. MCX Gold futures extended losses for the fourth consecutive session, while COMEX bullion prices also weakened as traders reassessed expectations around future Federal Reserve rate cuts.
MCX Gold June futures traded near ₹159,330.00 per 10 grams on May 15, 2026, falling around 1.63% during the session after touching an intraday low near ₹158,851.00. The decline followed heavy volatility witnessed earlier this week after import duty changes and geopolitical developments triggered aggressive price swings.
At the global level, COMEX Gold futures slipped toward $4,624.87 per ounce, while spot gold prices also moved lower amid a stronger US dollar environment.
The broader correction reflects growing caution among traders as inflation concerns, oil price spikes, and global geopolitical developments continue influencing commodity markets.
Fundamental View
The latest decline in bullion prices was largely triggered by stronger-than-expected US economic readings released this week. Inflation-related data and resilient consumer spending figures reduced market expectations for aggressive Federal Reserve easing during the year.
Higher producer inflation and firm retail demand reinforced concerns that interest rates could remain elevated for longer than previously expected. Some traders also started reducing expectations for multiple rate cuts during FY26.
A stronger US Dollar Index added further pressure on gold and silver prices. The dollar climbed to a two-week high after the latest economic data release, making bullion more expensive for overseas buyers.
Since gold does not provide fixed interest returns, rising bond yields and higher interest rate expectations typically reduce its attractiveness compared with yield-generating assets.
Meanwhile, surging crude oil prices linked to Middle East tensions complicated the broader inflation outlook further.
How Are MCX and COMEX Gold Connected?
Domestic MCX Gold prices closely track international COMEX bullion trends because global gold pricing originates primarily from international markets.
When COMEX Gold weakens due to changes in US inflation expectations, dollar strength, or Federal Reserve outlook, MCX Gold generally follows similar movement patterns after adjusting for rupee fluctuations and domestic import costs.
The latest weakness in MCX Gold therefore reflects both international pressure from COMEX bullion and domestic adjustments after the sharp rally seen earlier in the week.
Import Duty Hike Added Fresh Volatility to Domestic Gold Prices
Domestic bullion markets also remained volatile after the government recently increased gold import duty from 6% to 15%, sharply raising landed costs for precious metals in India. The move initially triggered a strong spike in MCX Gold prices earlier this week, with traders reacting to expectations of tighter domestic supply and higher retail prices.
The sharp increase in import duties pushed domestic bullion prices significantly higher compared with international markets and created substantial volatility across MCX contracts. However, the latest correction indicates that global macroeconomic factors such as US inflation data, dollar strength, and Federal Reserve expectations are currently dominating sentiment despite elevated domestic pricing conditions.
Investors are also closely monitoring how higher import costs may influence jewellery demand, bullion imports, and overall trading activity in the domestic market over the coming weeks.
Silver Prices Also Witness Heavy Pressure
Silver prices also corrected sharply across both MCX and global markets.
MCX Silver July futures witnessed steep declines during the session as traders reduced exposure across precious metals. International silver prices also weakened amid broad commodity market caution and stronger dollar movement.
Unlike gold, silver also carries industrial demand exposure, making it sensitive to broader economic growth expectations. Concerns around slowing global demand and inflation uncertainty added pressure on silver prices.
The sharp fall in silver suggests broader weakness across the precious metals complex rather than isolated pressure in gold alone.
Technical View
MCX Gold futures continue trading above the 50-day SMA near ₹152,342.98, indicating that the broader medium-term structure remains relatively positive despite the latest correction.
However, short-term price action reflects consolidation and profit booking after the aggressive rally witnessed earlier this month. Volatility remains elevated as traders react quickly to macroeconomic headlines and geopolitical developments.
The RSI on the daily chart stands near 62.08, suggesting momentum remains positive overall but has cooled from overbought territory following the recent decline.
Support is placed around ₹150,000.00–₹145,000.00, while resistance is seen near ₹165,000.00–₹170,000.00.
Silver prices may also remain volatile alongside broader precious metal movements and global macroeconomic developments.
Latest News
Market participants continued tracking discussions between US President Donald Trump and Chinese President Xi Jinping for potential signals regarding trade relations and geopolitical stability.
Investors also monitored developments surrounding Iran and the Strait of Hormuz after ongoing tensions continued affecting global energy markets.
Meanwhile, stronger US inflation data and rising oil prices fueled concerns that central banks may maintain tighter monetary policy conditions for longer periods.
These developments collectively pressured both MCX and COMEX bullion prices during the latest trading session.
Key Risks
Gold and silver markets remain highly sensitive to geopolitical developments, inflation trends, central bank policy expectations, and currency fluctuations.
Any escalation in Middle East tensions or fresh disruptions in oil supplies could quickly revive safe-haven demand for bullion. On the other hand, continued dollar strength and rising bond yields may keep pressure on precious metals.
Sharp volatility therefore remains one of the key risks across bullion markets in the near term.
Conclusion
MCX Gold and silver prices corrected sharply as stronger US economic data, rising dollar momentum, and changing Federal Reserve expectations weakened global bullion sentiment. Weakness in COMEX Gold further influenced domestic MCX prices, while traders closely monitored Trump-Xi discussions and geopolitical developments linked to Iran and oil markets. Higher import duties in India also added volatility to domestic bullion pricing conditions. Future price direction may now depend on inflation trends, interest rate expectations, energy market stability, and broader global risk sentiment.
FAQs
- Why did MCX Gold prices fall today?
Gold prices declined due to stronger US economic data, rising dollar strength, and reduced expectations for Federal Reserve rate cuts. - How did COMEX Gold affect MCX Gold?
Weakness in COMEX bullion markets directly influenced MCX Gold because domestic prices closely follow global bullion trends. - Why are silver prices falling along with gold?
Silver corrected due to broader precious metal weakness, stronger dollar conditions, and cautious commodity market sentiment.