Gold and silver prices saw a decline despite fresh geopolitical tensions arising from reports of Israel attacking Lebanon’s Hezbollah. On the Multi Commodity Exchange (MCX), gold futures for June 5 dropped by 0.74%, reaching Rs 1,50,647 before recovering slightly to Rs 1,51,113. Silver futures for May 5 also experienced losses, falling by 2% to Rs 2,35,133 and later trading at Rs 2,36,417.
Market sentiment remained subdued due to uncertainties surrounding US-Iran ceasefire talks. Analysts observed that MCX gold started lower but showed buying interest at lower levels, trading between Rs 1,50,500 and Rs 1,51,500. They mentioned that a move above Rs 1,52,000 could push prices towards Rs 1,53,000–Rs 1,55,000, while a drop below Rs 1,50,000 might lead to levels around Rs 1,48,000–Rs 1,47,000.
For silver, analysts noted that MCX prices opened lower but found support from safe-haven demand and industrial metals’ strength, hovering around Rs 2,36,000 with cautious sentiment. Resistance levels were identified at Rs 2,40,000–Rs 2,43,000, with a potential breakout pushing prices to Rs 2,45,000–Rs 2,47,000. Conversely, a break below Rs 2,36,000 could accelerate selling towards Rs 2,33,000–Rs 2,30,000.
In the international market, COMEX gold traded down over 1% at $4,718.60, while spot gold remained nearly flat at $4,718. COMEX silver also saw a decline of 3.26% to $72.92, with spot silver at $73.77. Brent crude futures rose by 3.31% to $97.89 per barrel, and US West Texas Intermediate (WTI) crude traded at $98.38, up around 4% from the previous close.
