Gold price updates: Prices in Mumbai drops; future on MCX obeserves surge

While the market indices continued to fall down, the gold and silver prices in commodity markets surged marginally.As reported by news agency IANS, investors took to value buying after prices moderated due to huge declines in the previous session. Gold prices in Mumbai fall by Rs 1,220 While the gold prices in MCX gained significantly, the price of yellow metal in Mumbai experienced a marginal fall. The 24-carat gold in Mumbai lowered by Rs 1,220 since yesterday and stood at Rs 158,670 for 10 grams on Friday. Whereas the 22-carat gold in Mumbai stood at Rs 1,45,470 for 10 grams. MCX gold futures surge MCX gold April futures gained 1.08 per cent to Rs 1,54,480 per 10 grams on an intraday basis. Meanwhile, MCX silver March futures added 2.59 per cent to Rs 242,564 per kg. Sandip Raichura, CEO of Retail Broking and Distribution and Director, PL Capital, while briefing about the situation, said, Gold has recovered post the January-end collapse and is well on its way to what we believe should be USD 6,000 per ounce levels by CY26 end, as cited by IANS. Sandip further added, Though US President Donald Trump approved a trade deal with India and hinted at a potential one with Brazil, reducing the trade-related uncertainties, higher inflation and the emerging split between the Northwest and the rest of the world sustain reserve bank buying of gold. One of the traders, while talking to the media, said, Gold has support at Rs 1,54,000 per 10 grams, while silver on MCX has support at Rs 242,000 per kg, as per IANS. Nifty and Sensex open in red The domestic benchmark indices on Friday continued the downward trajectory and opened under pressure. Both the Nifty 50 and the BSE Sensex witnessed sharp declines amid weak global cues and risk-off sentiment. As reported by news agency ANI, the Nifty 50 index was down at 25,571.15, declining by 236.05 points or (-0.91 per cent), whereas the BSE Sensex also opened lower at 82,902.73, falling by 772.19 points or -0.92 per cent. Apart from Nifty 50 and Sensex, Nifty 100 also declined by 0.54 per cent, while Nifty Midcap 100 fell by 0.47 per cent, as per ANI. Among sectoral indices on NSE, Nifty IT crashed sharply by 5.51 per cent, emerging as the worst-performing sector. The sharp fall in IT stocks comes amid global tech sector weakness, AI valuation repricing and concerns over AI-led disruption in SaaS stocks. Nifty Auto slipped by 0.12 per cent, Nifty Media declined by 1.31 per cent, Nifty Realty fell by 1.45 per cent and the Nifty Oil and Gas index was down by 1.19 per cent. (With inputs from IANS and ANI)