MUMBAI, India — Gold and silver prices traded lower Thursday as investors monitored safe-haven demand and continuing geopolitical uncertainty.
On the Multi Commodity Exchange, June 5 gold futures fell as much as 0.42%, or Rs 687, to an intraday low of Rs 1,59,319 around noon. The contract was later trading at Rs 1,59,400, down 0.38%, or Rs 606, after touching an intraday high of Rs 1,59,992.
July 3 silver futures declined 1.4%, or Rs 3,864, to an intraday low of Rs 2,70,401. Silver was later trading at Rs 2,70,810, down 1.26%, or Rs 3,455, after touching an intraday high of Rs 2,73,196.
Gold and silver opened on the commodity exchange at Rs 1,59,900 and Rs 2,72,275, respectively.
Precious metals also traded lower in international markets. COMEX gold was down 0.21% at $4,525.80 an ounce, while COMEX silver fell 1.06% to $75.37 an ounce.
Analysts said MCX silver opened sharply lower and continued to trade cautiously above the Rs 2,72,000 level. They said the Rs 2,75,000 to Rs 2,76,000 range remains the immediate resistance zone, and a sustained move above that level could support a recovery toward Rs 2,78,000 to Rs 2,80,000.
On the downside, analysts said a break below Rs 2,71,000 could pull silver prices toward the Rs 2,68,000 to Rs 2,67,000 range.
Experts said the near-term trend in silver will largely depend on safe-haven demand and developments in global geopolitical tensions.
For gold, analysts said MCX prices opened slightly lower and continued to hold above Rs 1,59,500 during the session. They said the near-term outlook remains cautious, with direction likely to depend on global risk sentiment and geopolitical developments.
Meanwhile, international benchmark Brent crude rose 1.55% to $106.65 a barrel, while U.S. West Texas Intermediate crude climbed nearly 2% to $100.11 a barrel. (Source: IANS)
