08 June,2026 06:25 PM IST | Mumbai | mid-day online correspondent
Precious metals under pressure as MCX gold, silver decline sharply. Representational Pic
Gold and silver traded lower on Monday in volatile conditions influenced by geopolitical tensions in West Asia, rising crude oil prices and a broader uncertain global macroeconomic environment, reported IANS.
MCX Gold opened at Rs 1,54,177 and silver at Rs 2,51,001 in early trade.
Gold prices in Mumbai witnessed a sharp rise on Monday, with the rate of 24-carat gold surging by Rs 2,861 per 10 grams compared to the previous day amid strong market demand and global cues.
The price of 24-carat gold stood at Rs 1,54,438 per 10 grams, up from Rs 1,51,577 recorded on Sunday. The steep increase reflects continued volatility in the precious metals market.
Meanwhile, 22-carat gold was priced at Rs 1,41,465 per 10 grams, while 18-carat gold was available at Rs 1,15,828.50 per 10 grams in the Mumbai bullion market.
On the Multi Commodity Exchange (MCX), gold futures (August contract) fell as much as 1.85 per cent or Rs 2,882, hitting an intraday low of Rs 1,52,712. Later, it traded around Rs 1,53,550, down over 1 per cent from the previous close, reported the news agency.
It also touched an intraday high of Rs 1,54,512, still lower by 0.69 per cent.
Gold prices in Mumbai
MCX silver saw sharper losses. The July contract was trading at Rs 2,41,763, down about 3 per cent. It touched an intraday low of Rs 2,39,064, marking a fall of nearly 3.81 per cent during the session, while its intraday high stood at Rs 2,51,001, still lower by about 1 per cent, reported the news agency.
International prices also remained under pressure. COMEX gold was trading around USD 4,324.70 per ounce, down about 1 per cent, while COMEX silver fell 2.79 per cent to USD 67.17 per ounce, reported the news agency,
Commodity experts said the fall was driven mainly by strong US economic data, especially better-than-expected jobs numbers, which raised expectations that the US Federal Reserve may keep interest rates high for longer.
As per IANS reported, one analyst noted that higher interest rates reduce demand for non-yielding assets like gold and silver, as investors prefer interest-bearing instruments.
At the same time, geopolitical tensions in West Asia continued to support safe-haven buying, but improving expectations around US-Iran talks and reduced fears of supply disruption limited further gains.
While precious metals declined, crude oil prices rose sharply.
Asian stock markets also traded weak:
(With IANS Inputs)
