Gold futures on the Multi Commodity Exchange fell 0.66% as traders booked profits amidst a strengthening US dollar and rising bond yields, though analysts remain optimistic about a potential rally above $4,400.
Gold prices on the Multi Commodity Exchange slipped on Thursday, August 14, as traders locked in profits after a sharp run-up, while a firmer US dollar and higher bond yields added pressure. MCX gold futures fell 0.66% to about ₹1,52,449 per 10 grams, even after recent US inflation data eased expectations of an imminent Federal Reserve rate increase.
Ilya Spivak, head of global macro at Tastylive, said some of the move appeared to be driven by speculative money taking gains because there was no fresh catalyst close at hand. He argued that the metal could still be building towards a larger advance and said a move above $4,400 could leave $5,000 by year-end within reach.
On the domestic chart, gold is facing resistance near ₹1,56,000, where a falling trendline has capped recent gains. Immediate support is seen around ₹1,52,600, and analysts say a decisive break below that level could open the way to ₹1,50,000. Even so, the broader trend remains constructive while prices hold above key exponential moving averages, a technical measure used by traders to gauge momentum.
The latest pullback comes after a volatile year for bullion, which has swung between safe-haven demand and bouts of heavy selling as risk sentiment shifted. Earlier in 2026, gold also came under pressure from stronger market appetite for risk assets and changing expectations for US rates, but strategists such as Spivak have maintained that the wider backdrop remains supportive for a renewed rally.
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