Gold and silver prices started the session on a weaker note on Friday, with both precious metals declining by nearly 1 per cent in early trade on the Multi Commodity Exchange
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MUMBAI — Gold and silver prices started the session on a weaker note on Friday, with both precious metals declining by nearly 1 per cent in early trade on the Multi Commodity Exchange (MCX).
Gold futures for June 5 opened 0.39 per cent or Rs 594 lower at Rs 1,51,167 per 10 grams compared to the previous close of Rs 1,51,761.
Later, the yellow metal touched an intra-day low of Rs 1,50,750, down 0.66 per cent or Rs 1,011. At the last count, it was trading at Rs 1,51,449, a decrease of Rs 312 or 0.21 per cent. During the session so far, gold has touched an intra-day high of Rs 1,51,457.
On the other hand, silver futures for May 5 declined as much as 0.95 per cent or Rs 2,313 to Rs 2,39,200, an intraday low. The white metal was trading at Rs 2,41,345, down Rs 168 or 0.07 per cent. It recorded an intraday high of Rs 2,41,382, down 0.05 per cent or Rs 131.
In the international market, precious metals also witnessed selling pressure. COMEX gold was down nearly 1 per cent at $4,684 per ounce, while COMEX silver also slipped around 1 per cent to $74.81 per ounce.
According to commodity analysts, gold and silver prices are under pressure due to a stronger US dollar, rising bond yields, and uncertainty over geopolitical tensions in the Middle East.
They further said that crude oil moving back above $100 per barrel has raised inflation concerns, adding to pressure on precious metals.
Moreover, Brent crude was trading at more than $100 per barrel or 2 per cent higher.
Equity benchmarks Sensex and Nifty also traded up to 1 per cent lower in early trade on Friday.