Mumbai, April 9: Following a significant surge the previous day, the commodity market faced pressure on Thursday due to weak global signals. This led to a decline in gold and silver prices on the Multi Commodity Exchange (MCX).
In early trading on MCX, gold prices fell by over ₹1,100, while silver saw a decrease of approximately ₹4,700. The June 5 delivery gold opened at ₹1,50,647, down ₹1,129 from the previous session’s closing price of ₹1,51,776. As of around 11:13 AM, gold was trading at ₹1,51,360 per 10 grams, reflecting a decline of ₹416 or 0.27%.
Meanwhile, silver for May 5 delivery opened at ₹2,35,850, down ₹4,068 from the previous session’s closing price of ₹2,39,918. By the time of reporting, silver was trading at ₹2,36,950, showing a decrease of ₹2,968 or 1.24%.
In contrast, Brent crude futures rose by 3.31% in the morning, reaching $97.89 per barrel. However, it later settled at $96.74 per barrel, up by 2.10%. The U.S. West Texas Intermediate (WTI) crude was trading at $97.4, reflecting a 3% increase from the previous close.
This drop in the commodity market follows Iran’s accusations against the U.S. of violating a ceasefire agreement, which has led to a resurgence in crude oil prices and consequently impacted gold and silver values.
On MCX, gold futures (June 5) peaked at an intraday high of ₹1,54,934, up ₹3,688 or 2.7%. Silver futures (May 5) also surged over 6%, reaching a daily high of ₹2,46,376 per kilogram.
Market experts noted that MCX gold began with a slight gap-down and is currently trading within the ₹1,50,500–₹1,51,500 range. There are signs of improvement in buying at lower levels, although the upward momentum is still slow and requires confirmation. If prices hold above ₹1,52,000, bullish momentum could strengthen, potentially pushing prices to ₹1,53,000–₹1,55,000. Conversely, a strong break below ₹1,50,000 could lead to a decline towards ₹1,48,000–₹1,47,000. The overall sentiment remains slightly positive, but a breakout above critical resistance levels is essential for sustained trends.
Experts also indicated that MCX silver started with a slight gap-down but received support from safe-haven demand and the strength of industrial metals. Prices are currently hovering around ₹2,36,000, although market volatility remains high and sentiment cautious. Resistance for silver is between ₹2,40,000–₹2,43,000. A breakout from this range could see prices rise to ₹2,45,000–₹2,47,000. However, a significant drop below ₹2,36,000 could trigger increased selling, pushing prices down to ₹2,33,000–₹2,30,000. Overall, the trend remains slightly positive, but confirmation is necessary for strength.
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DBP
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