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Gold and silver prices edged lower on Thursday despite fresh geopolitical tensions following reports of Hezbollah being targeted in an attack by Israel. The decline reflects cautious investor sentiment amid ongoing global uncertainties.
On the Multi Commodity Exchange (MCX), gold futures for June 5 dropped as much as 0.74 per cent, or ₹1,129, to touch an intraday low of ₹1,50,647.
The metal later traded at ₹1,51,113, down ₹663 or 0.44 per cent, after hitting a high of ₹1,51,452 during early trade.
Silver futures for May 5 also recorded notable losses, slipping nearly 2 per cent, or ₹4,785, to an intraday low of ₹2,35,133.
The metal recovered slightly to trade at ₹2,36,417, down ₹3,501 or 1.46 per cent, after touching a high of ₹2,37,589.
Market sentiment remained subdued, largely due to uncertainty surrounding potential ceasefire talks between the United States and Iran.
Analysts noted that MCX gold opened with a mild gap-down and is currently moving within the ₹1,50,500–₹1,51,500 range, with buying interest emerging at lower levels. They added that a sustained move above ₹1,52,000 could push prices towards ₹1,53,000–₹1,55,000, while a break below ₹1,50,000 may lead to further downside up to ₹1,47,000.
Silver, meanwhile, continues to trade with heightened volatility near ₹2,36,000, supported partly by safe-haven demand and strength in industrial metals.
Analysts see resistance at ₹2,40,000–₹2,43,000, while a drop below ₹2,36,000 could accelerate selling pressure.
In global markets, COMEX gold slipped over 1 per cent, while silver also declined sharply.
Crude oil prices surged, with Brent crude and WTI both posting gains, reflecting ongoing geopolitical risks.
Also Read: Global Crude Oil Prices Rise As Strait Of Hormuz Concerns Weigh On Supply
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