Gold and silver prices showed divergent trends on the first trading day of the week, with gold declining in the domestic futures market while silver recorded a marginal gain.
Around 10:30 a.m., gold prices on the Multi Commodity Exchange (MCX) were trading lower by ₹422 per 10 grams at ₹1,52,108 per 10 grams. During the session, gold touched a low of ₹1,51,892 per 10 grams and a high of ₹1,54,434 per 10 grams.
According to analysts, the decline in gold prices was attributed to profit booking and global market cues. Investors are closely monitoring the direction of the US dollar and interest rate trends.
In contrast, silver prices edged higher in limited trade. On MCX, silver was trading up ₹41 per kilogram at ₹2,62,333 per kilogram. The metal touched an intraday low of ₹2,61,903 per kilogram and a high of ₹2,64,922 per kilogram.
Market participants said the narrow trading range in silver indicates continued uncertainty in the market amid changing international economic conditions, shifts in demand patterns and domestic policy signals affecting precious metals.
Investor sentiment has also seen some change following recent remarks by Prime Minister Narendra Modi, who advised citizens to avoid unnecessary gold purchases. He stated that the country already has sufficient gold reserves and that prudent buying could help reduce pressure on foreign exchange reserves.
