15 May,2026 12:54 PM IST | Mumbai | mid-day online correspondent
Weak global cues push gold and silver sharply lower in trade. Representational Image
Gold and silver prices saw a steep fall on Friday, with both metals declining sharply in domestic trade on the Multi Commodity Exchange (MCX). The decline came amid a stronger US dollar index and weak global sentiment.
Gold futures for June 5 fell as much as 1.52 per cent or Rs 2,478, touching an intraday low of Rs 1,59,500. Later in the session, gold was trading around Rs 1,59,792, down 1.34 per cent or Rs 2,186 from the previous close, reported IANS.
Silver saw a much sharper decline. July futures plunged as much as 4.12 per cent or Rs 12,000 to Rs 2,79,102, before trading at around Rs 2,80,091, still down 3.78 per cent or Rs 11,011, reported IANS.
Gold opened the session at Rs 1,60,790 and briefly touched a high of Rs 1,60,992 before slipping lower.
Silver opened at Rs 2,80,000 and moved to a high of Rs 2,83,219 before falling sharply through the day.
The movement highlighted increased volatility in precious metals as global cues turned negative.
Weakness was not limited to India. In international trade, COMEX gold fell 1.54 per cent to USD 4,615 per ounce, while COMEX silver dropped more sharply by 4.47 per cent to USD 81.49 per ounce.
The global decline mirrored the domestic trend, showing broad-based pressure across precious metals.
According to commodity market experts, gold is under pressure mainly due to a stronger US dollar and expectations that the US Federal Reserve may keep interest rates higher for longer, reported the news agency.
Rising US inflation has reinforced the view that interest rates may stay elevated, reducing the appeal of non-yielding assets like gold.
At the same time, geopolitical tensions in West Asia and disruptions in energy shipments through the Strait of Hormuz have contributed to inflation concerns, indirectly supporting the dollar and weighing on precious metals.
Silver saw a sharper fall compared to gold due to broader weakness in the metals market. However, experts note that silver continues to receive support from expectations of strong industrial demand, especially from sectors like electronics and solar energy.
This dual nature: investment pressure but industrial support keeps silver more volatile than gold.
The rupee weakened further on Friday, opening 30 paise lower at 95.94 against the US dollar after touching fresh record lows for three consecutive sessions. Rising crude oil prices, a stronger dollar, and ongoing concerns over the West Asia crisis continued to pressure investor sentiment, PTI reported
While precious metals declined, crude oil prices moved higher. Brent crude rose 1.57 per cent to USD 107.38 per barrel, and US West Texas Intermediate (WTI) crude gained 1.72 per cent to USD 102.92 per barrel.
The rise in oil prices reflects ongoing global supply concerns and adds another layer to inflation expectations in global markets.
(With IANS Inputs)
