Gold prices declined significantly, with 24-carat gold in Mumbai falling to Rs 1.48 lakh per 10 grams amid global turmoil and weak investor sentiment. Silver on MCX also stays volatile
Representational image. File pic
Gold and silver prices over the last few weeks have been witnessing a sharp decline. The major reason for the declining gold prices is the concerning global turmoil.
Continuing the trend, the prices of gold on Thursday fell significantly and stood at Rs 1,48,017 for 10 grams. Earlier on Wednesday, the price of yellow metal stood at Rs 1,53,900 for 10 grams in futures trade.
As reported by news agency IANS, the sudden surge in gold price on Wednesday was because of the bullish sentiment in the domestic market amid a rise in precious metal rates globally and a weaker US dollar. O
On the Multi Commodity Exchange, the yellow metal for June delivery increased Rs 1,539, or 1.02 per cent, to Rs 1,52,300 per 10 grams from Tuesday's closing level of Rs 1,50,761 per 10 grams.
On the Multi Commodity Exchange (MCX), gold contracts for June 5 delivery opened 0.27 per cent lower at Rs 1,46,850 per 10 grams, as against the previous close of Rs 1,47,255. The yellow metal declined sharply during the session, falling as much as Rs 3,043, or 2.06 per cent, to hit an intraday low of Rs 1,44,212 per 10 grams.
Gold prices in Mumbai
While the global uncertainties have been gripping the global supply chain, precious metals such as gold and silver are also experiencing a serious hit. Falling marginally on Thursday, the price of 24-carat gold in Mumbai stood at Rs 1,48,017 for 10 grams. Whereas the price of 22-carat gold stood at Rs 1,35,583.57 for 10 grams. However, the demand for the yellow meta still remains stagnant.
Silver prices
Silver futures (May 5) also came under pressure, declining as much as 0.96 per cent to Rs 2,25,763 per kg, compared to the previous close of Rs 2,27,954.
In the international market, gold prices fell as a surge in energy prices due to the ongoing US-Iran conflict heightened inflation concerns and dampened expectations of interest rate cuts by the US Federal Reserve this year.
Sensex, Nifty plunge over 2 per cent
Indian equity benchmarks, after regaining momentum on Wednesday, also plunged during early trade on Thursday as investors reacted sharply to U.S. President Donald Trump's address amid the ongoing West Asia conflict.
BSE Sensex stood at 71,616.03 points, down 1,518.29 points, or 2.08 per cent, at 9:16 am. Similarly, the NSE Nifty 50 stood at 22,216.90 points, reflecting a decline of 462.50 points or 2.04 per cent. The downward movement follows a period of brief recovery, where the Nifty had closed 348 points higher, and the Sensex had climbed 1187 points.
While the indices saw a gap-up opening recently, the short-term trend remains weak. The market is now testing critical support levels that will determine the trajectory for the remainder of the week.
(With inputs from IANS and ANI)
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