Mumbai, July 11 (IANS) Gold prices dipped 1.47 per cent on a weekly basis as minutes from the Federal Reserve’s latest policy meeting reinforced expectations of higher‑for‑longer interest rates.

However, on Friday, MCX gold August futures were flat while MCX silver July futures inched up 0.01 per cent.

At the last close, gold futures stand at Rs 1,43,480, while silver futures at Rs 2,22,680 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,43,368 on Friday down from Rs 1,45,512 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Renewed Middle East tensions kept risk premiums of precious metals but signals of a more restrictive US monetary policy stance checked a price surge.

The United States launched fresh military strikes on Iran, prompting retaliatory attacks on US bases. President Donald Trump declared the ceasefire “effectively over” and warned of further military action, sanctions and blockades.

The stronger dollar backdrop also acted as a headwind for recovery of precious metals.

Minutes from the Federal Reserve’s latest policy meeting indicated that inflation remains more persistent than previously anticipated, with price pressures extending beyond energy and tariffs into broader segments of the economy, including transportation, airfares, and services, an analyst said.

“The minutes reinforced the view that the Federal Reserve is likely to maintain a higher-for-longer interest rate stance, with policymakers noting that further policy tightening could be warranted if inflation fails to moderate,” he added.

Lower energy costs and softer job growth had previously led analysts to predict a gradual easing of inflationary pressures in coming months.

Immediate resistance is placed at $4,200–$4,230 for COMEX Gold, followed by $4,350–$4,400, a market participant said. For MCX Gold, immediate resistance is placed at Rs 1,45,000–Rs 1,45,500, followed by the major support at Rs 1,41,000–Rs 1,40,000, he added.

Immediate resistance is placed at Rs 2,26,000–Rs 2,27,000 zone for MCX Silver, and Rs 2,21,000–Rs 2,20,000 remains the immediate support zone.

—IANS

aar/ag