Mumbai, May 21: Gold and silver prices declined in domestic and international markets on Thursday, reflecting cautious investor sentiment as global geopolitical uncertainties and fluctuating safe-haven demand weighed on precious metals.
On the Multi Commodity Exchange (MCX), gold futures for June 5 delivery dropped by 0.42 per cent, or Rs 687, to an intraday low of Rs 1,59,319 around midday. The metal was later trading at Rs 1,59,400, marking a decline of 0.38 per cent or Rs 606. During the session, gold touched an intraday high of Rs 1,59,992 after opening at Rs 1,59,900.
Silver futures for July 3 delivery also registered a sharper decline. Prices fell by 1.4 per cent, or Rs 3,864, to hit an intraday low of Rs 2,70,401. The metal was trading at Rs 2,70,810, down 1.26 per cent or Rs 3,455. Earlier in the day, silver opened at Rs 2,72,275 and reached a session high of Rs 2,73,196 before reversing gains.
The downward trend extended to international markets, where precious metals remained under pressure. COMEX gold was trading 0.21 per cent lower at $4,525.80 per ounce, while COMEX silver declined by 1.06 per cent to $75.37 per ounce.
Market analysts indicated that silver prices opened sharply lower on the MCX and continued to trade cautiously above the Rs 2,72,000 level. They identified the Rs 2,75,000 to Rs 2,76,000 range as a key resistance zone, noting that a sustained move above this level could push prices towards Rs 2,78,000 to Rs 2,80,000.
On the downside, experts said that if silver prices breach the Rs 2,71,000 mark, they could fall further towards the Rs 2,68,000 to Rs 2,67,000 range. They added that near-term price movements in silver are likely to depend on changes in safe-haven demand and ongoing geopolitical developments.
For gold, analysts observed that prices opened with a mild gap down on the MCX but managed to hold above the Rs 1,59,500 level during the session. They stated that the short-term outlook for gold remains cautious, with direction expected to be driven by global risk sentiment and geopolitical triggers.
Meanwhile, energy markets moved in the opposite direction. International benchmark Brent crude rose by 1.55 per cent to $106.65 per barrel, while US West Texas Intermediate (WTI) crude gained nearly 2 per cent to trade at $100.11 per barrel.
The contrasting movement between precious metals and crude oil highlights shifting investor priorities, with market participants continuing to assess global risks and their impact on commodity prices.
