New Delhi, July 28 -- Gold and silver prices fell up to 1% in early deals on the MCX on Tuesday, 28 July, mirroring weak global cues. Precious metals witnessed profit-taking as the dollar index hovered near 101.5 ahead of the US Federal Reserve's monetary policy decision on 29 July.

MCX gold August futures were 0.60% down at Rs.1,42,200 per 10 grams, while MCX silver September contracts were 1.40% down at Rs.2,18,076 per kg around 9:10 AM.

In international markets, US gold prices traded lower as easing geopolitical tensions following the US and Iran's pause in retaliatory strikes reduced safe-haven demand.

The focus is also on the US Federal Reserve policy decision on 29 July. The US central bank is widely expected to keep benchmark ra...