Overview
- Spot gold, which slipped to about $4,600 per ounce on Monday, extended last week’s pullback in a move traders tied to a firmer dollar and sticky inflation.
- India’s domestic market reflected the slide, with 24K rates at about ₹150,300 per 10 grams after a 0.83% decline, while MCX June futures hovered near ₹1.50 lakh.
- Pakistan’s bullion market recorded a steeper adjustment, with local gold down by Rs3,800 per tola to Rs479,962 as sellers tracked weaker global benchmarks.
- Silver was more volatile, with MCX July futures falling by Rs3,917 to ₹2.47 lakh per kilogram and Comex prices retreating toward $75 per ounce.
- Drivers stayed mixed as President Donald Trump said the US would guide ships through the Strait of Hormuz, oil held above $100 a barrel, and central banks signaled rates may stay high, leaving analysts expecting range-bound trade and placing focus on US PMI and jobs data this week.