Precious metals faced renewed selling pressure on Friday as a fortified US dollar overshadowed other factors in Mumbai’s trading rings. Gold and silver both declined around 0.5%, extending losses from recent sessions.
MCX data showed gold’s June 2026 futures opening at 1,51,167 rupees, a slip from 1,51,761 rupees. At 9:40 AM, prices stood at 1,51,043 rupees after a 718-rupee or 0.47% retreat. The metal touched 1,51,039 rupees intraday low and 1,51,457 rupees high.
Chandi, or silver, opened weaker at 2,39,200 rupees versus 2,41,513 rupees prior close. The May 2026 lot was quoted at 2,40,671 rupees, off by 842 rupees or 0.35%. It ranged from 2,39,200 rupees to 2,41,382 rupees.
Overseas, Comex gold traded 0.83% lower at 4,684 dollars an ounce, with silver down 0.92% to 74.81 dollars. This global weakness rippled into domestic bourses.
According to Motilal Oswal’s Manav Modi, the combo of dollar strength, climbing yields, and Middle East tensions is capping upside. ‘Crude oil breaching 100 dollars/barrel revives inflation risks, hurting non-yielding assets like gold and silver,’ he explained.
US PMI figures exceeded forecasts, bolstering the economy and curbing rate-cut bets. This shift favors the dollar, traditionally inverse to gold.
Analysts foresee choppy trading ahead. Support for gold lies near 1,50,500 rupees, with resistance at 1,52,500 rupees. Silver’s key levels are 2,38,000 rupees support and 2,43,000 rupees resistance. Physical demand from jewelers remains steady, potentially cushioning deeper falls. Traders should monitor dollar index movements closely for directional cues.
