Gold prices in India saw a slight decline on Thursday, while silver prices rebounded from early losses, driven by robust buying at lower levels. On the Multi Commodity Exchange (MCX), gold for April futures traded at Rs 1,61,665 per 10 grams, down by Rs 124 or 0.08 percent. Despite opening higher at Rs 1,62,799 per 10 grams, gold later retreated from its gains due to weak global cues.
Experts noted a significant buying interest in the Rs 1,56,000–Rs 1,57,000 demand zone, indicating a positive medium-term outlook as long as prices remain above this level. Analysts suggested that a sustained breakout above Rs 1,65,000 could reignite bullish momentum, potentially pushing prices towards Rs 1,75,000–Rs 1,80,000.
In contrast, silver prices demonstrated strength during the trading session. MCX silver for May futures recovered from initial losses and was priced at Rs 2,71,065 per kilogram, up by Rs 2,574 or 0.96 percent. The silver contract opened at Rs 2,69,212 per kilogram, slightly above its previous closing rate of Rs 2,68,491.
The drop in gold prices was influenced by international bullion markets facing pressure from a stronger US dollar and diminished expectations of imminent interest rate cuts. A stronger dollar typically makes dollar-denominated commodities like gold more expensive for investors holding other currencies, leading to reduced demand.
In the global market scenario, spot gold experienced a 0.2 percent decline to $5,165.73 per ounce, while US gold futures for April delivery also fell by 0.2 percent to $5,171.40 per ounce. Spot silver remained relatively stable at $85.82 per ounce.
Meanwhile, the Indian rupee hit a new record low on Thursday, driven by a sharp increase in crude oil prices and the continued strength of the US dollar. The local currency depreciated by 0.3 percent to 92.3575 against the dollar, surpassing its previous all-time low of 92.3475 recorded earlier in the week.
