Precious metals faced headwinds on MCX this Friday as gold and silver prices slipped close to 1 percent. Profit booking by traders and reduced safe-haven buying pressured the market on the week’s last trading session.
Gold for June delivery dipped more than 0.5 percent, reaching a session low of 152,419 rupees per 10 grams after peaking at 152,990 rupees. As of noon, it traded 0.55 percent lower at 152,585 rupees, shedding 849 rupees.
May silver futures tumbled 0.8 percent to 241,510 rupees per kg intraday, having climbed to 243,704 rupees earlier. By midday, it was down 0.96 percent or 2,333 rupees at 241,435 rupees per kg.
Experts highlight gold’s consolidation around 152,500 rupees, with dip-buying visible but lacking conviction for an uptrend. Holding above 153,000 rupees opens doors to 155,000 rupees, while a breach under 152,000 rupees eyes 148,000-150,000 rupees territory.
For silver, the 242,000 rupees mark holds firm on dual demand fronts—safe-haven and industrial. Caution prevails amid resistance at 245,000-247,000 rupees. Upside potential lies at 252,000 rupees if breached; downside targets 235,000 rupees below 240,000.
The shift mirrors broader trends where equity markets lure risk appetites amid de-escalating global tensions. Still, geopolitical wildcards like US-Iran frictions could limit declines, keeping prices in a tight range.
Traders are advised to monitor key levels closely. A decisive breakout could spark volatility, but for now, the market treads carefully with a mildly optimistic bias.
