Gold contracts on the Multi Commodity Exchange (MCX) for August delivery declined sharply by ₹2,374, or 1.53%, to ₹1.53 lakh per 10 grams. The metal witnessed weak spot demand and profit booking, with total business turnover at 1,730 lots.
On the global front, gold futures slipped 0.96% to $4,287 per ounce in New York, adding to bearish sentiment across domestic markets.
Silver prices saw a steeper fall, with MCX July contracts dropping ₹8,245, or 3.32%, to ₹2.40 lakh per kilogram. The decline came amid a broad sell-off by participants, with turnover recorded at 3,948 lots. In international markets, silver also traded lower by 1.25% at $66.98 per ounce, reflecting continued weakness in industrial metal demand sentiment.
According to market analysts, the precious metals complex remains under pressure due to weak global cues and aggressive long unwinding, with silver bearing the brunt of volatility.
Commenting on the outlook, Kaveri More, Commodity Technical Analyst at Choice Broking, said that prices are trading below the 20, 50 and 100-day exponential moving averages, which are acting as immediate resistance.
For silver, she highlighted that the metal has seen a sharp downside move, including a lower circuit decline in the previous session followed by further weakness.
Overall, precious metals remain volatile as traders monitor global cues, dollar movement and risk sentiment for further direction.
–With agencies inputs
