Gold and silver prices fall sharply in India as MCX rates decline. Check latest gold and silver updates, intraday trends and market movement.
Gold and silver prices witnessed a notable decline in the domestic futures and bullion markets on Wednesday, reflecting weak global cues and increased volatility in commodity trading. Both metals slipped into the red, with silver seeing a sharper correction compared to gold.
Gold Prices Decline on MCX
On the Multi Commodity Exchange (MCX), gold contracts for June 5 delivery were trading lower during morning sessions. At around 10:29 AM, gold was priced at ₹1,58,215 per 10 grams, down by ₹865 or 0.54%.
The metal opened the day slightly weaker at ₹1,58,974 per 10 grams, compared to the previous close of ₹1,59,080. During intraday trade, prices fluctuated between a high of ₹1,60,378 and a low of ₹1,57,959 per 10 grams, showing heightened volatility.
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Silver Sees Sharp Fall
Silver prices experienced a steeper decline in comparison. The July 3 delivery contract on MCX dropped by 1.10% or ₹2,969, trading at around ₹2,67,150 per kilogram.
The session began at ₹2,67,230 per kg, lower than the previous close of ₹2,70,119 per kg. During the day, silver moved between an intraday high of ₹2,68,464 and a low of ₹2,66,580 per kilogram, indicating strong downward pressure.
Bullion Market Movement in Delhi
In the physical bullion market of Delhi, prices also showed mixed but generally weaker sentiment earlier this week. According to the All India Sarafa Association, silver had previously witnessed a sharp correction of nearly ₹5,000 per kilogram, closing at ₹2,71,000 per kg.
Meanwhile, gold prices in the retail market had shown a slight uptick earlier, with 99.9% purity gold rising by ₹800, closing at ₹1,63,600 per 10 grams.
Market Outlook
Analysts suggest that gold and silver are currently reacting to global uncertainty, interest rate expectations, and fluctuations in the US dollar index. Investors are advised to watch global economic indicators closely, as precious metal prices may remain volatile in the short term.
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