Gold Gains Momentum, Silver Falls 0.75% in MCX Trading

Early Thursday trading on India's MCX painted a divergent picture for precious metals. Gold futures forged ahead with gains, contrasting sharply with silver's decline amid profit booking. The gold contract for July 2026 advanced 0.24 percent or 396 rupees to stand at 1,62,638 rupees around 10:36 AM. Intra-day, it scaled a peak of 1,63,055 rupees before dipping to 1,61,027 rupees, highlighting volatile yet upward bias in sentiment. Silver, however, struggled. Its July 2026 futures shed 2,238 rupees or 0.75 percent, settling at 2,98,000 rupees. The session saw it hit a low of 2,94,450 rupees and a high of 2,99,000 rupees, pressured by investors cashing in profits following a strong previous day that pushed prices above 3 lakh rupees. Overseas markets echoed this mixed bag. Comex gold nudged higher by 0.03 percent to 4,708 dollars an ounce, whereas silver plunged 1.87 percent to 87.68 dollars. Factors like US economic indicators and dollar strength are playing pivotal roles. Stock markets provided a cheerful backdrop, with Sensex and Nifty up 0.5 percent each at open. Pharma, healthcare, and metals spearheaded the rally, making Nifty Pharma, Nifty Healthcare, and Nifty Metal the top sectoral performers. Indices such as Nifty Energy, Defence, PSE, Commodities, Infra, PSU Bank, and Oil & Gas also flashed green. Market watchers anticipate continued volatility, with gold likely to benefit from haven demand and silver potentially stabilizing if industrial demand picks up. This session's action sets the stage for intriguing developments ahead.