Gold futures on the MCX traded slightly lower on Friday after paring early gains, while silver prices rebounded nearly 1 per cent on renewed buying interest
Representational image. File pic
Gold prices in India traded marginally lower on Friday, even as silver prices recovered from early losses a day prior due to strong buying at lower levels.
As per IANS, gold on the Multi-Commodity Exchange (MCX) for April futures was trading at Rs 1,61,665 per 10 grams, down by Rs 124 or 0.08 per cent.
The precious metal had opened higher at Rs 1,62,799 per 10 grams compared with its previous close of Rs 1,61,789, but later pared its gains amid weak global cues.
Gold prices in Mumbai
Amid the extremely concerning and unpredictable global situation, the price of gold in Mumbai and other major cities has been experiencing a decline over the last few days. Falling marginally by Rs 57, 24-carat gold in Mumbai on Friday was priced at Rs 1,61,124 for 10 grams. On the other hand, the price of 22-carat gold in Mumbai stood at Rs 1,47,800 for 10 grams.
Expert opinion
Experts said that strong buying interest remains visible in the Rs 1,56,000–Rs 1,57,000 demand zone.
“As long as prices hold above this base, the medium-term bullish outlook remains intact. A sustained breakout above Rs 1,65,000 could revive bullish momentum toward Rs 1,75,000–Rs 1,80,000,” an analyst stated.
Silver Prices
Silver prices, however, showed strength during the session. MCX silver for May futures rebounded after initial losses and was trading at Rs 2,71,065 per kilogram, up by Rs 2,574 or 0.96 per cent, as per ANI.
The contract had opened at Rs 2,69,212 per kilogram, slightly higher than its previous close of Rs 2,68,491.
The decline in gold prices came as international bullion markets remained under pressure due to a stronger US dollar and reduced expectations of interest rate cuts in the near term.
Stock market continues to remain under pressure
Continuing the bear run amid the global turmoil, Indian equity markets opened in the red on Friday. Extending the ongoing selling pressure amid persistent foreign outflows, rising crude oil prices, and geopolitical tensions in West Asia is said to be the major reason. Reflecting cautious investor sentiment, benchmark indices Nifty and Sensex opened lower in early trade.
The Nifty 50 index opened at 23,462.50, declining -176.65 points, or -0.75 per cent, while the BSE Sensex opened at 75,444.22, down -590.20 points, or -0.78 per cent.
(With inputs from IANS)
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