Gold and silver prices on the Multi Commodity Exchange (MCX) saw a decline of about 1% on Friday as investors took profits with easing safe-haven demand. MCX gold fell by 0.56% to reach an intra-day low of Rs 1,52,561 per 10 grams, while silver futures for May 5 dropped by 0.7% to hit an intraday low of Rs 2,42,067 per kg compared to the previous close.
The price of gold touched an intraday high of Rs 1,52,990, a decrease of 0.28% or Rs 444, and was trading at Rs 1,52,810, down Rs 624 or 0.41% at 11:20 am. Conversely, silver reached an intraday high of Rs 2,43,704, up 0.02% or Rs 64, but was trading at Rs 2,42,899, down Rs 869 or 0.36%.
Analysts noted that MCX Gold is currently trading above Rs 1,52,500 with gradual buying at lower levels. They mentioned that while interest is visible, the momentum is not yet strong enough to confirm a trend. A sustained move above Rs 1,53,000 could reignite bullish momentum towards Rs 1,55,000. On the downside, a drop below Rs 1,52,000 may push prices towards Rs 1,50,000 and Rs 1,48,000.
MCX Silver is holding above Rs 2,42,000, supported by safe-haven demand and industrial strength. Analysts pointed out that resistance lies at Rs 2,45,000-Rs 2,47,000, and a breakout could propel prices towards Rs 2,50,000–Rs 2,52,000. Conversely, a breach below Rs 2,40,000 might trigger selling towards Rs 2,36,000–Rs 2,35,000.
The recent pressure on precious metals is attributed to investors moving towards riskier assets like equities amid signs of reduced geopolitical tensions. However, the lingering uncertainty surrounding the US-Iran situation could restrict the downside in precious metal prices.
