Gold, silver fell most since Nov. 2016 in June

The short-term outlook for Comex silver, too, is weak and the price can fall to the immediate target at $24.5-25.10 range.

Precious metals lost sheen in June, recording the worst monthly performance since November 2016. The strengthening U.S. dollar, along with the firm trend in equity markets affected sentiment towards precious metals. Reports that the U.S. Federal Reserve will start tapering bond purchases and their decision to raise interest rates in 2023 also played a part in keeping the prices depressed. Comex gold lost 7% to close at $1,771.8 an ounce. Comex silver lost 6.5% to settle at $26.19 an ounce. Mirroring the global trend, MCX gold futures fell 5.1% to ₹46,839 per 10 gm. MCX silver futures closed 5.5% lower at ₹69,074 per kg. Comex gold price remained subdued in June. The short-term outlook for gold remains weak. The price is likely to fall to the immediate target of $1,710-1,715 range. A fall below $1,710 would impart momentum to the fall and the price could then test the next target zone at $1,650-1,660.