06 June,2026 04:59 PM IST | Mumbai | mid-day online correspondent
Gold remains resilient while silver faces deeper losses. Representational Pic
Gold and silver prices witnessed a sharp decline this week as investors reacted to strong US employment data and changing expectations around interest rates, reported IANS.
Gold prices fell 0.87 per cent during the week, while silver recorded even steeper losses. On Friday, MCX gold August futures dropped 2.47 per cent while MCX silver July futures declined 6.27 per cent.
Currently, gold futures are trading around Rs 1,55,600, while silver futures are at Rs 2,48,201 per kilogram.
Data from the India Bullion and Jewellers Association (IBJA) showed that the price of 10 grams of 24-carat gold fell from Rs 1,55,599 at the beginning of the week to Rs 1,54,238 on Friday.
The decline came amid weaker sentiment in global bullion markets, reported the news agency.
In international markets, COMEX gold dropped by as much as USD 136 to a low of USD 4,369 per troy ounce, its weakest level since late March. The metal ended the week down nearly 5 per cent.
Silver performed even worse, falling USD 5.34 to USD 68.63 per ounce. It recorded a weekly decline of around 9 per cent and marked its fourth consecutive week of losses.
Analysts said the main reason behind the fall in gold and silver prices was a stronger-than-expected US jobs report.
The data strengthened expectations that the US Federal Reserve may keep interest rates elevated for a longer period. Higher interest rates generally reduce the appeal of non-yielding assets such as gold and silver.
The US dollar index also rose to around 99.5, while Treasury yields moved higher, adding further pressure on precious metals, reported the news agency.
Market experts noted that silver remains weaker than gold due to continued profit booking and concerns about industrial demand, as per reports.
While gold has managed to find support near important price levels, silver continues to face cautious investor sentiment. This has resulted in stronger selling pressure in silver compared to gold over recent weeks.
Analysts said COMEX gold is currently trading near the important support zone of USD 4,350 per ounce.
On the upside, immediate resistance is expected between USD 4,460 and USD 4,500. A move above these levels could improve market sentiment, while a break below support may trigger further weakness, reported the news agency.
Market participants believe several global factors will determine the short-term direction of gold and silver prices. These include:
(With IANS Inputs)
