MCX Gold and Silver Prices Decline Amid Profit Booking and Easing Safe-Haven Demand
Gold and silver prices on the Multi Commodity Exchange (MCX) saw a decline of around 1 per cent on Friday due to profit booking amid easing safe-haven demand.
The MCX gold price fell by 0.56 per cent, reaching an intraday low of Rs 1,52,561 per 10 grams. Silver futures (May 5) plummeted by 0.7 per cent, logging an intraday low of Rs 2,42,067 per kg against the previous close.
Analysts noted that MCX Gold is trading above Rs 1,52,500 with gradual buying at lower levels. However, they caution that a sustained move above Rs 1,53,000 can revive bullish momentum towards Rs 1,55,000, while a break below Rs 1,52,000 can drag prices towards Rs 1,50,000 and Rs 1,48,000.
The continued uncertainty around the US-Iran situation may limit the downside in precious metal prices. The yellow metal touched an intraday high of Rs 1,52,990, a decrease of 0.28 per cent or Rs 444, while silver touched an intraday high of Rs 2,43,704, up 0.02 per cent or Rs 64.