Gold futures rebound on value buying after steep sell-off
Gold futures recovered marginally on Thursday, rising Rs 405 to Rs 1.41 lakh per 10 grams as traders resorted to value buying after a sharp selloff, even as concerns over a strong dollar and the US interest-rate outlook kept sentiment cautious.
On the Multi Commodity Exchange (MCX), the yellow metal for August delivery increased by Rs 405, or 0.29 per cent, to Rs 1,41,675 per 10 grams in a business turnover of 10,375 lots. Despite the recovery, the precious metal remained near a six-month low after plunging Rs 5,259, or 3.6 per cent, in the previous session to settle at Rs 1,41,270 per 10 grams. Gold was last seen around these levels on December 16, 2025, when it traded at Rs 1,41,600 per 10 grams on the MCX.
“Gold prices have seen a slight uptick on Thursday, reflecting a modest gain in the domestic commodities market amid gains in the overseas trade,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said. The domestic commodities market will remain closed in the morning session on Friday on account of Muharram. In the international markets, Comex gold futures for August delivery fell $11.30, or 0.28 per cent, to $3,997.50 per ounce, slipping below the key $4,000-an-ounce level for the first time in more than eight months. The yellow metal was last quoted near these levels on October 2, 2025, when the trading value stood at $3,980.8 per ounce.
“Gold prices declined on Thursday, slipping below the key psychological level of $4,000 per ounce, driven by a stronger US dollar and rising expectations of further interest rate hikes by the Federal Reserve, which weighed on investor sentiment and reduced the appeal of assets such as gold,” Deveya Gaglani, Senior Research Analyst - Commodities, Axis Direct, said.
