Overview
- Global bullion traded around $4,100–$4,113 an ounce this week as COMEX prices slid after the Federal Reserve minutes reinforced expectations that interest rates will remain higher for longer.
- Indian domestic markets showed weakness with MCX August gold futures down about 2.65% for the week and the IBJA reporting 10 grams of 24‑carat gold near Rs 1,43,368.
- Markets swung on July 10–11 when Delhi saw a modest Rs 400 rebound on bargain buying while Pakistan recorded a sharp fall on July 10 followed by a near‑term rebound on July 11, reflecting quick transmission from international bullion moves to local rates.
- Traders and analysts say the US‑Iran strikes that raised fears of disruptions through the Strait of Hormuz pushed oil prices higher and lifted inflation risk, which in turn strengthened the dollar and Treasury yields and reduced demand for non‑yielding gold.
- Silver has shown notable local strength in Pakistan, reaching record rupee levels, and near‑term directions for both metals will hinge on crude prices, US CPI and other US data, and any further escalation or de‑escalation in the Middle East.