Gold prices in India moved slightly lower on Thursday as a stronger US dollar pressured global bullion markets. Silver, however, recovered from early losses and advanced on fresh buying interest at lower levels.
On the Multi Commodity Exchange, gold futures for April delivery traded at ₹1,61,665 per 10 grams. The contract declined by ₹124, or 0.08 per cent, during the session.
The metal initially opened higher at ₹1,62,799 per 10 grams, compared with its previous settlement of ₹1,61,789. Prices later trimmed gains following weak cues from international markets.
Market analysts indicated that buying demand remains firm within the ₹1,56,000-₹1,57,000 support zone.
According to experts, the medium-term upward trend could remain intact as long as prices stay above this base.
A decisive move above ₹1,65,000 may reignite bullish momentum toward the ₹1,75,000-₹1,80,000 range.
Silver displayed resilience during the trading session. On the Multi Commodity Exchange, May futures climbed after an initial dip and traded at ₹2,71,065 per kilogram. The contract rose by ₹2,574, or 0.96 per cent.
The metal had opened at ₹2,69,212 per kilogram, slightly above the earlier close of ₹2,68,491.
In global markets, bullion remained under pressure as the US dollar strengthened and expectations of near-term interest rate cuts weakened.
A firm dollar typically makes dollar-priced commodities such as gold costlier for holders of other currencies, which tends to limit demand.
Internationally, spot gold slipped 0.2 per cent to $5,165.73 per ounce, while US gold futures for April delivery eased 0.2 per cent to $5,171.40. Spot silver stayed largely steady near $85.82 per ounce.
Meanwhile, the Indian Rupee weakened sharply. The currency declined 0.3 per cent to 92.3575 against the US dollar, breaching its earlier lifetime low of 92.3475 recorded earlier this week.
Rising crude oil prices and continued dollar strength added pressure on the local unit.
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