MCX gold futures slipped 1.64% to Rs 1,52,216 per 10 grams on Tuesday, Feb 17 (as of 11:31 AM IST), tracking weakness in global bullion prices and broader volatility in precious metals.
The decline comes amid continued pressure in international markets, where gold moved lower alongside a sharp correction in silver. Silver recently fell nearly 5–6%, extending its losing streak, which weighed on overall sentiment in the precious metals segment.
Gold had previously rallied on expectations of US Federal Reserve rate cuts. However, with markets already pricing in a potential July rate cut — and rising expectations of an earlier move in June — traders appear to be booking profits ahead of key US economic data.
Investor focus has now shifted to the upcoming Federal Reserve minutes and the core PCE price index for clearer guidance on the interest rate trajectory. Any signs of delayed policy easing could support the US dollar and pressure gold prices further.
Additionally, thin liquidity in parts of Asia due to market holidays has amplified commodity price swings, contributing to the downside in MCX gold.