MCX Commodities Update: Bullion Loses Inflation-Hedge Appeal as Brent Crude Slides

New Delhi : Domestic precious metal futures traded with a soft bias on the Multi Commodity Exchange (MCX), highly influenced by a cooling global energy market. The downside momentum picked up pace after international crude oil prices, particularly Brent crude, slipped below the USD 80 per barrel mark for the first time in three months, significantly easing immediate fears of energy-driven inflation.On the MCX, gold futures for August delivery hovered lower around ₹1,52,472 per 10 grams. Concurrently, silver futures for July delivery witnessed a more pronounced correction, slipping by over ₹800 to trade near ₹2,49,241 per kilogram.Market analysts point out that the continuous retreat in crude oil prices has directly diminished the appeal of bullion as a traditional hedge against inflation.

Expectations of an impending geopolitical breakthrough in West Asia, which could restore global oil supply chains, have successfully checked any sharp upside for the safe-haven assets. Furthermore, investors remain on high alert as they look forward to major macroeconomic cues, particularly the upcoming policy decisions by the US Federal Reserve.In the physical retail markets across major Indian urban centers, prices fluctuated slightly due to varying local state taxes, transportation overheads, and jeweller-specific making charges.  City-Wise Retail Bullion Rates

The following matrix represents the indicative retail prices for physical gold and silver across major Indian cities:City24K Gold (per 10g)22K Gold (per 10g)Silver (per kg)Delhi₹1,55,422₹1,42,366₹2,65,100Mumbai₹1,55,947₹1,42,847₹2,65,100Kolkata₹1,55,947₹1,42,847₹2,65,100Chennai₹1,56,097₹1,42,985₹2,80,100Bangalore₹1,55,947₹1,42,847₹2,65,100Retail demand inside India is expected to remain range-bound in the near term, keeping any massive price corrections in check as domestic buyers continue to monitor global currency fluctuations.