Gold, Silver Prices Ease On MCX As Investors Book Profits After Record Rally

Gold and silver prices opened steady but slipped modestly on Friday as investors locked in profits after the recent surge to record levels.

On the Multi Commodity Exchange (MCX), April gold futures fell 0.14 per cent to ₹1,60,046 per 10 grams in intraday trading around 11:10 AM. Silver May futures also eased 0.19 per cent to ₹2,67,448 per kilogram.

Despite the mild decline, losses remained limited due to continued safe-haven demand.

The ongoing geopolitical tensions linked to the United States-Iran conflict and elevated crude oil prices supported bullion.

Analysts said gold prices mainly react to the United States-Iran conflict, movements in the US dollar, and fluctuations in crude oil prices.

The bullish trend in crude, driven partly by the blockade around the Strait of Hormuz, has strengthened the petro-dollar system.

Gold often reacts inversely to both oil prices and the dollar.

Persistent tensions between the United States, Israel, and Iran have pushed energy prices higher and revived inflation concerns.

According to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, these factors have strengthened the US dollar and bond yields.

A stronger dollar typically reduces the attractiveness of dollar-priced bullion for global investors. The dollar index edged up 0.07 per cent to 99.81 during the session.

Ponmudi R, CEO of Enrich Money, said gold has entered a short corrective phase after hitting record highs.

Prices have slipped below some short-term moving averages, suggesting a brief consolidation.

Global equity market weakness also pressured bullion as investors liquidated holdings to raise liquidity during volatile trading conditions.

Brent crude traded near $99.99 per barrel, down 0.47 per cent, while WTI fell 0.67 per cent to $95.09.

Analysts indicated that MCX gold has support between ₹1,56,000 and ₹1,57,000, with resistance near ₹1,75,000 and ₹1,80,000.

MCX silver support stands around ₹2,58,000-₹2,60,000, while resistance appears near ₹2,78,000 and ₹2,80,000.

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