Precious metals declined sharply in June. Comex gold recorded its largest quarterly loss in 13 years. The U.S. Federal Reserve maintained a firm policy stance while the dollar strengthened, reducing appeal for the metals. Uncertainty over U.S.-Iran tensions also weighed on sentiment.
Comex gold ended nearly 12 percent lower at $4,021.8. Prices fell 14.4 percent during the April-June period. Comex silver declined more steeply, dropping 21.88 percent to close at $59.04, with a 21.6 percent loss for the quarter.
Domestic markets followed the global trend. MCX gold fell 11.49 percent to ₹1,42,546 per 10 grams. MCX silver dropped 16.58 percent to ₹2,28,665 per kilogram.
The moves broke key support levels. Comex gold breached the lower boundary of its $4,400 trading range, shifting the short-term trend lower toward a potential $3,750-$3,850 zone. The outlook stays negative unless prices close above $4,410.
Comex silver also turned weaker after falling below $71 support, opening the way to a $54-$56 target. Only a move above $72 would reverse this view.
MCX gold slipped below the ₹1,53,000-₹1,55,000 range and may test ₹1,35,000-₹1,40,000 next. The bearish stance holds while prices remain under ₹1,66,000.
MCX silver likewise turned negative after breaking ₹2,80,000 support, with a possible decline to ₹1,95,000-₹2,05,000. A sustained move above ₹2,80,000 would negate the outlook.
Overall, both metals entered negative trends after key supports gave way. The weakness is expected to persist until resistance levels are reclaimed.
