Gold and silver prices fall nearly 1 per cent amid global uncertainty

Representational image. File pic

Amid the tense global situation, gold and silver prices started the session on a weaker note on Friday. Both the precious metals declined 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 during the day, 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.

Gold prices in Mumbai

While the gold futures have been experiencing high volatility, gold prices in Mumbai have also been volatiling drastically. At the time of writing, the price of 24-carat gold in Mumbai stood at Rs 1,51,689.54 for 10 grams. Whereas the price of 22-carat gold in Mumbai stood at Rs 1,38,947.62 for 10 grams.

Silver prices

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 USD 4,684 per ounce, while COMEX silver also slipped around 1 per cent to USD 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.

Nifty and Sensex dip marginally during the opening bell

The 30-share BSE Sensex dropped 330 points to 77,334 in early trade, whereas the 50-share NSE Nifty declined 93.3 points to 24,079.75. Weakness in IT stocks and a negative trend in global markets also weighed on investor sentiment. Later, the BSE benchmark quoted 772.35 points lower at 76,876.79, and the Nifty tanked 205.45 points to 23,967.60.