Gold, Silver Prices Today: Precious Metals Trade Volatile On MCX

Gold and silver witnessed volatile trade on Thursday as investors reacted to expectations of further US Federal Reserve rate hikes and easing geopolitical tensions, leading to sharp swings in both domestic and international markets.

On the Multi Commodity Exchange (MCX), Gold Futures (MCX) opened lower at ₹1,40,672 per 10 grams, down ₹598 from the previous close of ₹1,41,270.

Buying support, however, emerged later in the session, pushing prices to an intraday high of ₹1,41,989 before they slipped again to an intraday low of ₹1,40,543.

Silver Futures (MCX) also moved in a similar pattern. It opened at ₹2,10,308, reflecting a decline from the previous close of ₹2,13,075, and later touched an intraday high of ₹2,15,950 before falling to a low of ₹2,10,043 during the session.

In the international market, bullion also traded under pressure. COMEX gold declined, while COMEX silver recorded sharper losses, as the US dollar strengthened to a one-year high.

Analysts noted that gold hovered near an eight-month low, while silver traded close to its weakest level since December.

Market experts attributed the weakness to rising expectations that the US Federal Reserve may resume rate hikes as early as September. They also pointed to additional selling pressure after a decline in US technology stocks, which prompted investors to liquidate bullion holdings to cover losses in equity markets.

Analysts further said that easing geopolitical tensions and lower crude oil prices have reduced inflation concerns, but investors remain focused on upcoming US inflation data for clearer signals on the Federal Reserve’s monetary policy direction.

Crude oil prices also remained under pressure, with Brent crude falling about 2 per cent to around $72 per barrel and US WTI crude slipping below the $70 mark, reflecting broader weakness in global commodities.