Gold and silver futures retreated in early trading on India’s Multi Commodity Exchange (MCX) on Tuesday, July 7, as market participants paused ahead of a key data release from the US Federal Reserve.
MCX gold August contracts fell 0.52% to ₹1,46,148 per 10 grams, while silver September futures declined more sharply, dropping 1.14% to ₹2,33,416 per kilogram.
The pullback reflects cautious positioning among traders who are waiting for further clarity on monetary policy direction before committing to new positions.
The immediate catalyst for the session’s volatility is the upcoming publication of the minutes from the Federal Reserve’s June policy meeting.
These documents provide detailed insights into the deliberations of Fed officials, offering clues about the consensus on interest rates and inflation risks.
Any indication of a hawkish or dovish tilt within the minutes could trigger a swift repricing in both precious metals and broader risk assets.