Gold and silver prices showed mixed trends on Monday as global uncertainty prevailed. Gold prices on the Multi Commodity Exchange (MCX) for June 5 opened slightly lower at Rs 1,52,487 per 10 grams and later fell by Rs 638 to reach an intraday low of Rs 1,51,892 due to selling pressure.
In contrast, silver futures for July 3 saw gains in early trade, rising by 1.14% to touch an intraday high of Rs 2,64,922 per kg. At the time of reporting, silver was trading at Rs 2,62,552, up Rs 630. Analysts noted that the government’s call to reduce non-essential gold imports is timely amidst concerns over crude oil prices and the Strait of Hormuz situation.
The appeal to curb gold purchases was made by PM Modi during a BJP public meeting in Secunderabad. He urged citizens to refrain from non-essential gold buying for a year to ease pressure on India’s foreign exchange reserves. In the international market, COMEX gold was trading lower at $1,678 per ounce, while silver was slightly up at $80 per ounce, reflecting the ongoing geopolitical tensions.
