Gold and silver prices declined in early trade on Thursday, with both metals registering losses on the Multi Commodity Exchange (MCX) amid fluctuations in global markets and geopolitical developments.
On the MCX, gold for June 5 delivery had settled at ₹1,60,006 per 10 grams in the previous session. It opened at ₹1,59,900 on Thursday and slipped to ₹1,59,491 in early trade, down about ₹515.
Silver for July 3 delivery also traded lower. The metal had settled at ₹2,74,265 per kilogram in the previous session, opened at ₹2,72,275, and declined by around ₹2,291 to ₹2,71,974 during early trade.
In contrast, domestic bullion markets reported gains in prices at some locations. According to Goodreturns, 24-carat gold traded at ₹1,59,930 per 10 grams, up ₹490. Prices of 22-carat gold rose ₹450 to ₹1,46,600 per 10 grams, while 18-carat gold increased ₹370 to ₹1,19,950 per 10 grams.
Silver prices in the bullion market also advanced, rising by around ₹5,000 to ₹2,85,000 per kilogram.
According to the All India Sarafa Association, silver prices had recorded a sharp decline in the previous trading session. In the national capital, silver fell ₹5,000 to ₹2,66,000 per kilogram, inclusive of all taxes, from ₹2,71,000 per kilogram.
Prices of 24-carat gold in the national capital rose ₹1,300 to ₹1,64,900 per 10 grams, inclusive of all taxes, compared with the previous session’s closing level of ₹1,63,600 per 10 grams.
Market experts said international political and economic signals related to the United States and West Asia continued to contribute to volatility in precious metal prices. According to experts, investor interest in safe-haven assets has remained despite changes in US Treasury bond yields and dollar strength, supporting gold prices. Expectations of easing tensions in West Asia and positive signals surrounding Iran-US talks have also contributed to market movements globally.
