Mumbai: Gold and silver prices declined on Thursday despite fresh geopolitical tensions following reports of Israel attacking Lebanon’s Hezbollah.
On the Multi Commodity Exchange (MCX), gold futures (June 5) fell as much as 0.74 per cent or Rs 1,129 to Rs 1,50,647, hitting an intraday low at around 10:40 AM. The yellow metal was later trading at Rs 1,51,113, down Rs 663 or 0.44 per cent. It touched an intraday high of Rs 1,51,452.
Meanwhile, silver futures (May 5) also witnessed sharp losses, plunging 2 per cent, or Rs 4,785, to an intraday low of Rs 2,35,133. The white metal touched an intraday high of Rs 2,37,589 and was trading at Rs 2,36,417, down Rs 3,501, or 1.46 per cent.
Market sentiment remained subdued amid uncertainty over the direction of US-Iran ceasefire talks.
Analysts said MCX gold opened with a mild gap-down and is trading in the Rs 1,50,500–Rs 1,51,500 range, with buying interest emerging at lower levels.
“A sustained move above Rs 1,52,000 could revive momentum towards Rs 1,53,000–Rs 1,55,000. However, a decisive break below Rs 1,50,000 may drag prices down to Rs 1,48,000–Rs 1,47,000 levels,” they said.
For silver, analysts noted that MCX prices opened with a mild gap-down but found support from safe-haven demand and strength in industrial metals. Prices are hovering around Rs 2,36,000 amid elevated volatility, though the overall tone remains cautious.
“Resistance is placed at Rs 2,40,000–Rs 2,43,000. A breakout could push prices towards Rs 2,45,000–Rs 2,47,000. On the downside, a break below Rs 2,36,000 may accelerate selling towards the Rs 2,33,000–Rs 2,30,000 range,” they added.
According to analysts, the bias remains mildly positive, supported by macro factors, although momentum appears tentative and requires confirmation for a sustained uptrend.
In the international market, COMEX gold traded in negative territory, falling over 1 per cent to $4,718.60, while spot gold was nearly flat at $4,718, up 0.04 per cent.
Similarly, COMEX silver declined 3.26 per cent to $72.92, while spot silver was at $73.77, down 0.46 per cent.
Among energy commodities, Brent crude futures were up 3.31 per cent at $97.89 per barrel, while US West Texas Intermediate (WTI) crude traded at $98.38, up around 4 per cent from the previous close.
(IANS)
