On Monday, June 30th, the Indian futures market witnessed a slight softening in the prices of gold and silver. While gold showed a slight increase in early trading, silver's performance appeared weak. The movement of gold and silver differed across both the Multi Commodity Exchange (MCX) and international markets, keeping investors closely focused on market movements.
Fluctuations in Gold Prices
On the MCX, the August delivery contract for gold began trading at ₹95,492 per 10 grams, a rise of ₹22, but this increase was short-lived. At the time of writing, it was trading at ₹95,450, a decrease of ₹20.
During the day, it touched a low of ₹95,394 and a high of ₹95,537. It's worth noting that gold has reached a high of ₹101,078 this year, indicating the long-term potential still present in the gold market.
Weak Performance in Silver Prices
The July delivery futures contract for silver on the MCX started with a decline. It opened at ₹105,079 per kilogram, a decrease of ₹149, compared to its previous closing price of ₹105,228. This price remained unchanged at the time of writing.
The intraday high was ₹105,101 and the low was ₹105,079. Silver has touched a high of ₹109,748 this year.
While there isn't much volatility in silver currently, it's a metal known for sudden large movements. Therefore, the possibility of fluctuations may remain in the coming days.
Mixed Trend in the International Market
A mixed trend was also observed in the metals segment in the international market, i.e., Comex, on Monday. Gold opened at $3284.30 per ounce, while the previous close was $3287.60. At the time of writing, there was a slight increase of $2.60 in gold prices, and it was trading at $3290.20 per ounce.
Gold has hit an all-time high of $3509.90 this year on Comex, which suggests that investors still view gold as a safe haven due to global uncertainties.
As for silver, it opened at $35.89 per ounce. It was trading at $35.90, down $0.13 compared to the previous closing price of $36.03.
This shows that while there is some strength in gold at the international level, silver appears to be under some pressure.
Today's Rates on MCX and Comex
MCX (in ₹)
Gold (August):
- Opening Rate: 95492
- Previous Close: 95470
- Latest Price: 95450
Silver (July):
- Opening Rate: 105079
- Previous Close: 105228
- Latest Price: 105079
Comex (in $)
Gold:
- Opening: 3284.30
- Previous Close: 3287.60
- Latest Price: 3290.20
Silver:
- Opening: 35.89
- Previous Close: 36.03
- Latest Price: 35.90
Current Market Situation
Considering the current movement of gold and silver, it can be said that the metal market is currently in a state of confusion. There is a mixed trend in domestic and international markets, and traders will now be keeping an eye on global data and the movement of the US dollar. Furthermore, the progress of the monsoon in India and changes in the dollar index can also affect the gold-silver trend.
For now, there isn't any significant movement in the prices of both gold and silver, but the decline in futures prices and global events suggest that there is a possibility that the metal market may soon witness a major upward or downward movement.
