Gold futures on the Multi Commodity Exchange (MCX) for June delivery fell ₹349, or 0.23%, to ₹1.52 lakh per 10 grams. The contract saw a business turnover of 1,119 lots. The decline came amid muted spot demand and softer international trends.
Silver followed a similar trajectory, with May futures slipping ₹817, or 0.33%, to ₹2.43 lakh per kilogram. The contract recorded a turnover of 1,098 lots, as selling pressure from market participants weighed on prices.
Global cues remain mixed
In overseas markets, gold futures edged lower by 0.05% to $4,711.98 per ounce in New York, reflecting a lack of strong safe-haven buying. Silver, however, traded slightly higher by 0.29% at $75.94 per ounce.
Analysts said bullion markets are currently reacting to a combination of factors, including global risk appetite and macroeconomic uncertainty.
According to Justin Khoo, Senior Market Analyst – APAC at VT Markets, global markets are showing resilience despite geopolitical risks and rising energy prices. He noted that gold has remained range-bound, indicating that safe-haven demand has not fully strengthened yet.
He also pointed to broader macro uncertainties, including inflation pressures and evolving US Federal Reserve policy expectations, which continue to influence liquidity conditions and overall market sentiment.
Why prices are under pressure
Market participants said the latest fall in domestic bullion prices largely reflects weak international cues and position unwinding in futures markets. At the same time, broader equity strength and relatively stable risk sentiment have reduced immediate demand for safe-haven assets like gold and silver.
Overall, bullion markets remain sensitive to global developments, with traders closely tracking inflation data, interest rate expectations, and geopolitical signals for the next directional move.
