Gold and silver prices traded lower on Thursday, extending their recent decline amid weak global cues and cautious investor sentiment. On the Multi Commodity Exchange (MCX), gold futures for August delivery slipped to ₹1,43,940 per 10 grams, while silver futures fell to ₹2,22,450 per kg. Yesterday gold was placed at ₹145,350 while silver futures stood at ₹230,160.
The latest correction comes after precious metals witnessed a strong rally over the past few months, prompting many buyers to delay purchases in anticipation of lower prices. Thursday’s decline encouraged some retail demand, although overall buying remained cautious.
Analysts attributed the fall in bullion prices to a stronger US dollar and uncertainty over the US Federal Reserve’s interest rate outlook, which reduced the appeal of non-yielding assets such as gold. Persistent geopolitical tensions, volatile crude oil prices and mixed global market sentiment also kept investors on the sidelines, resulting in profit booking across precious metals.
Silver, which has outperformed gold in recent months, continued to witness selling pressure as traders locked in gains. In Maharashtra and several other states, retail silver prices also softened in line with the decline in MCX futures and international markets.
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