Mumbai: Gold and silver prices traded lower on Thursday, with the precious metals declining up to nearly 2 per cent after the government raised import duty to 15 per cent.
On the Multi Commodity Exchange (MCX), gold futures (June 5) fell 0.71 per cent, or Rs 1,159, to an intraday low of Rs 1,61,027 as of 10:30 a.m.
Similarly, silver futures (July 3) declined 1.92 per cent, or Rs 5,788, to hit an intraday low of Rs 2,94,450.
According to commodity market experts, MCX gold continued to trade near the Rs 1,61,500–Rs 1,62,000 range after witnessing a sharp breakout in the previous session.
Analysts said immediate resistance for gold is placed around Rs 1,62,000–Rs 1,63,000, and a sustained move above these levels could push prices towards Rs 1,64,000–Rs 1,65,000. On the downside, support is seen in the Rs 1,58,000–Rs 1,57,000 zone.
They added that the near-term outlook for gold remains cautiously positive, supported by safe-haven demand and ongoing geopolitical uncertainties.
Meanwhile, MCX silver opened weak but continued to trade within the Rs 2,94,000–Rs 2,96,000 support zone after a strong rally in recent sessions.
Analysts said resistance for silver is placed near Rs 3 lakh–Rs 3.02 lakh, while immediate support is seen around Rs 2.92 lakh–Rs 2.90 lakh. Despite heightened volatility, the near-term trend for silver remains bullish due to continued safe-haven buying.
One of the reasons behind the sharper decline in silver compared to gold is believed to be profit-booking after silver prices crossed the Rs 3 lakh mark during Wednesday’s trading session.
In international markets, gold and silver traded mixed. On COMEX, gold edged up 0.03 per cent to $4,708 per ounce, while silver declined 1.87 per cent to $87.68 per ounce.
(IANS)
