Gold and silver prices opened lower on the Multi Commodity Exchange (MCX) on Friday, with both metals declining by nearly 1%. Gold futures for June 5 started 0.39% lower at Rs 1,51,167 per 10 grams compared to the previous close. The yellow metal touched an intra-day low of Rs 1,50,750, down 0.66%.
Silver futures for May 5 also saw a decline of 0.95% to Rs 2,39,200, hitting an intraday low. The white metal was trading at Rs 2,41,345, down 0.07%. In the international market, COMEX gold dropped nearly 1% to $1,684 per ounce, while COMEX silver slipped around 1% to $74.81 per ounce.
Analysts attribute the pressure on gold and silver prices to a stronger US dollar, rising bond yields, and uncertainty over geopolitical tensions in the Middle East. The recent surge in crude oil prices above $100 per barrel has raised inflation concerns, further impacting precious metals.
Equity benchmarks Sensex and Nifty also traded lower by up to 1% in early Friday trade.
