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MCX gold drops below ₹96000 as global cues weigh
09-Jul-2025, 03:08
Gold fell below $3300 per ounce on Wednesday, extending losses as a less dovish outlook from the Federal Reserve overshadowed concerns over rising global trade tensions. President Trump ruled out any extensions to the August 1 tariff deadline and unveiled sweeping new measures, including a 50% tariff on copper, 200% duties on some pharmaceuticals, and a 10% levy on goods from BRICS nations. Meanwhile, the World Gold Council reported $38 billion in inflows into global gold ETFs during H1 2025 ' the strongest half-year since 2020 ' led by robust June buying across all major regions. Despite this, domestic MCX gold futures dropped below ₹96000 per 10 grams, down over half a percent. The focus now turns to the June FOMC meeting minutes which will put light on the Fed's policy stance.
Gold fell below $3300 per ounce on Wednesday, extending losses as a less dovish outlook from the Federal Reserve overshadowed concerns over rising global trade tensions. President Trump ruled out any extensions to the August 1 tariff deadline and unveiled sweeping new measures, including a 50% tariff on copper, 200% duties on some pharmaceuticals, and a 10% levy on goods from BRICS nations. Meanwhile, the World Gold Council reported $38 billion in inflows into global gold ETFs during H1 2025 ' the strongest half-year since 2020 ' led by robust June buying across all major regions. Despite this, domestic MCX gold futures dropped below ₹96000 per 10 grams, down over half a percent. The focus now turns to the June FOMC meeting minutes which will put light on the Fed's policy stance.
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