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Gold and silver prices fell on Friday on the Multi-Commodity Exchange (MCX), with both metals declining by about 1 per cent as investors locked in gains following a reduction in safe-haven demand.
Gold futures dropped 0.56 per cent to an intraday low of Rs 1,52,561 per 10 grams. Silver futures for 5 May delivery also weakened, falling 0.7 per cent to touch Rs 2,42,067 per kg during the session.
During the day, gold reached a high of Rs 1,52,990, marking a fall of 0.28 per cent or Rs 444. By 11:20 AM, it was trading at Rs 1,52,810, down Rs 624 or 0.41 per cent.
Silver, in contrast, touched an intraday high of Rs 2,43,704, rising marginally by 0.02 per cent or Rs 64. It later slipped to Rs 2,42,899, showing a decline of Rs 869 or 0.36 per cent.
Analysts noted that gold continues to hold above Rs 1,52,500, with gradual buying seen at lower levels. They indicated that while interest remains, momentum is not yet strong enough to confirm a clear upward trend.
A sustained move above Rs 1,53,000 could push prices towards Rs 1,55,000.
On the downside, a fall below Rs 1,52,000 may lead to further declines towards Rs 1,50,000 and Rs 1,48,000.
Overall sentiment remains mildly positive, though a decisive breakout is needed for further gains.
Silver prices are currently holding above Rs 2,42,000, supported by both safe-haven demand and industrial factors.
Analysts said price movement remains cautious, with resistance seen between Rs 2,45,000 and Rs 2,47,000. A breakout above this range could lift prices to Rs 2,50,000–Rs 2,52,000.
On the lower side, a drop below Rs 2,40,000 may trigger selling pressure, dragging prices towards Rs 2,36,000–Rs 2,35,000.
In recent sessions, easing geopolitical tensions have prompted investors to move into riskier assets like equities, weighing on precious metals.
At the same time, ongoing uncertainty related to the US-Iran situation may help limit further downside in gold and silver prices.
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