Gold and silver prices saw a decline of nearly 2% on Thursday following a government decision to increase import duty to 15%. On the Multi Commodity Exchange (MCX), gold futures for June 5 dropped by 0.71% to Rs 1,61,027, while silver futures for July 3 fell by 1.92% to Rs 2,94,450.
Market experts noted that MCX gold stayed within the range of Rs 1,61,500–Rs 1,62,000 after a significant rise in the previous session. Analysts pointed out that gold faces immediate resistance at Rs 1,62,000–Rs 1,63,000, with a potential move towards Rs 1,64,000–Rs 1,65,000 if these levels are breached. Support levels are identified at Rs 1,58,000–Rs 1,57,000.
The outlook for gold in the near term remains cautiously positive, driven by safe-haven demand and geopolitical uncertainties. Meanwhile, MCX silver traded weakly within the support zone of Rs 2,94,000–Rs 2,96,000 post a strong rally in recent sessions. Resistance for silver is expected near Rs 3 lakh–Rs 3.02 lakh, while support lies at Rs 2.92 lakh–Rs 2.90 lakh. Despite volatility, the bullish trend for silver persists due to ongoing safe-haven purchases.
The drop in silver prices compared to gold is attributed to profit-booking after silver crossed the Rs 3 lakh mark in the previous trading session. In international markets, gold prices on COMEX rose marginally to $4,708 per ounce, while silver prices fell to $87.68 per ounce.
