On the Multi Commodity Exchange (MCX), gold August futures traded near ₹1.47 lakh per 10 grams, down 1.41%, while silver July futures rose 0.92% to ₹2.35 lakh per kg amid fresh buying by market participants.
Ravi Singh, Chief Research Officer at Master Capital Services, said MCX gold continued to trade below the 21-day and 55-day exponential moving averages and had also slipped below a key rising trendline support, indicating weakness in the near-term trend.
“The recent breakdown below the important ₹1.51 lakh per 10 grams support level has weakened the technical structure further. Immediate support is placed near ₹1,46 lakh per 10 grams, and a breach below this level could extend the decline towards ₹1.40 lakh per 10 grams,” he said.
He added that hiigher Treasury yields and expectations of elevated interest rates reduced the appeal of non-yielding assets such as gold.
Meanwhile, bullion prices attempted a mild recovery after Iran reported progress in peace talks with the United States in Switzerland. However, renewed warnings from U.S. President Donald Trump and continued tensions around the Strait of Hormuz kept market sentiment cautious.
Kaveri More, Commodity Analyst, Technical Research at Choice Broking, said MCX silver continued to face bearish pressure despite volatile movement during Monday’s (June 22’s) trade.
Despite price volatility, industry participants said consumer interest in precious metals remained resilient, particularly in the jewellery segment.
Dishi Somani, Founder of DishiS Designer Jewellery, said gold and silver continued to hold significance in India both as investment assets and cultural purchases.
“Consumers are becoming conscious of their purchasing power and are closely tracking price trends before making purchases. Jewellery is now viewed by many as a blend of sentiment and investment,” Somani said.
She added that silver continued to gain popularity among younger buyers because of its relatively affordable pricing, while demand for quality jewellery remained steady regardless of fluctuations in bullion prices.
