Gold, Silver Prices Under Pressure in Early Market Trade
Mumbai, Apr 24 (BNP): Precious metals witnessed weakness in early trade on Friday, with both gold and silver prices declining on the Multi Commodity Exchange (MCX) amid a broadly cautious global market sentiment.
Gold futures for June delivery opened lower at ₹1,51,167 per 10 grams, down 0.39%, compared with the previous close. The metal extended losses during the session, touching an intraday low of ₹1,50,750 before recovering some ground. At the last update, gold was trading marginally lower at around ₹1,51,449.
Silver futures also came under pressure, slipping nearly 1% in early trade. The May contract fell to an intraday low of ₹2,39,200 per kg before recovering slightly to trade around ₹2,41,345.
In international markets, precious metals mirrored the weak trend, with gold and silver both trading lower on COMEX amid profit-booking and risk-off sentiment.
Market analysts attributed the decline to a stronger US dollar, elevated bond yields, and ongoing global uncertainty. Rising crude oil prices, which have moved above the $100 per barrel mark, have also added inflation concerns, influencing investor sentiment across commodity markets.
Broader financial markets remained under pressure as well, with domestic equity benchmarks Sensex and Nifty trading lower in early sessions, reflecting cautious sentiment among investors.
Experts suggest that near-term volatility in gold and silver is likely to continue as global macroeconomic factors, including inflation trends and geopolitical developments, remain in focus.
