Gold and silver prices saw a decline on Thursday as investors kept a close watch on safe-haven demand and geopolitical uncertainties. On the Multi Commodity Exchange (MCX), gold futures for June 5 dropped by 0.42% to reach an intraday low of Rs 1,59,319, down Rs 687 around noon. The price of gold was at Rs 1,59,400, showing a 0.38% decrease or Rs 606, after hitting a high of Rs 1,59,992.
Silver futures for July 3 also experienced a decline, falling by 1.4% or Rs 3,864 to Rs 2,70,401, marking its intraday low. The white metal was trading at Rs 2,70,810, down 1.26% or Rs 3,455, with a high of Rs 2,73,196 during the session. In the international market, both gold and silver prices were trading lower, with COMEX gold down by 0.21% at $1,525.80 per ounce and COMEX silver declining by 1.06% to $75.37 per ounce.
Market analysts observed that MCX silver started the day significantly lower and maintained cautious trading above Rs 2,72,000. They highlighted the Rs 2,75,000–Rs 2,76,000 range as an immediate resistance zone for silver, while a move above these levels could lead to a recovery towards Rs 2,78,000–Rs 2,80,000. Conversely, a drop below Rs 2,71,000 might push silver prices towards the Rs 2,68,000–Rs 2,67,000 range. The short-term trend in silver prices is expected to be influenced by safe-haven demand and global geopolitical tensions.
Regarding gold, analysts noted that MCX gold began slightly lower and held above Rs 1,59,500 during the session. The outlook for gold in the near term remains cautious, with price movements likely dependent on global risk sentiment and geopolitical developments. Meanwhile, Brent crude in the international market rose by 1.55% to $106.65 per barrel, and US WTI crude climbed nearly 2% to $100.11 per barrel.
