Gold and silver prices eased marginally amid profit booking after recent gains. MCX gold fell 0.25 per cent, while silver declined over 1 per cent. In Mumbai, 24-carat gold stood at Rs 1,61,950 per 10 grams. Analysts expect volatility as global trade uncertainty and dollar weakness influence market sentiment
Representational image. File pic
Gold and silver prices eased marginally on Friday, amid profit booking by investors. While the geopolitical tensions continue to escalate, the prices of the yellow metal continue to ease.
As reported by news agency IANS, MCX gold April futures lost 0.25 per cent to Rs 1,60,741 per 10 grams on an intra-day basis on Thursday. On the other hand, MCX silver March futures declined 1.16 per cent to Rs 2,65,200 per kg.
While in the previous session, the MCX April gold contract and March silver contract had gained 0.74 per cent and 3 per cent, respectively, prompting a round of profit booking.
Gold prices in Mumbai
Amid the rising global tensions and pressure on the US dollar exchange rates, the price of gold in Mumbai continues to ease marginally. During the early hours of Friday, the price of 24-carat gold in Mumbai was recorded at Rs 1,61,950 for 10 grams. On the other hand, the price of 22-carat gold in Mumbai stood at Rs 1,48,470 for 10 grams. Experiencing a marginal downfall in gold prices in Mumbai, the prices of gold in the coming few days are expected to be extremely volatile.
Gold and silver prices may see volatility during the week, market participants forecast, urging investors to book profits in gold and silver at higher levels and wait for corrective dips to take fresh long positions, as reported by IANS.
US dollar continues to fall
On the other hand, the dollar continues to fall in the aftermath of persistent trade uncertainty amid diverse takes on tariffs by the US Supreme Court and US President Donald Trump, with the latter continuing to stress that tariffs remain central to his trade strategy, reported IANS.
The US collects a 10 per cent tariff on certain imports, with rates set to rise to 15 per cent or higher for some countries, causing uncertainty over US tariffs and ongoing trade negotiations, acting as tailwinds to the precious metals.
Nifty and Sensex
On the other hand, the Indian share market on Friday opened under pressure with a marginal decline amid weakness in global markets. Investors remained cautious ahead of the GDP data scheduled to be released later in the day.
As reported by news agency ANI, the Nifty 50 index opened at 25,459.85, declining by -36.70 points or (-0.14 per cent). The BSE Sensex opened at 82,220.48, down by -28.13 points or -0.03 per cent.
(With inputs from IANS)
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