India – New Delhi: Gold and silver prices witnessed a sharp decline on Friday, with both precious metals falling up to 4 per cent in domestic trading as a strengthening US dollar weighed on sentiment in global markets.
On the Multi Commodity Exchange (MCX), gold futures for June 5 slipped as much as 1.52 per cent, or ₹2,478, to an intraday low of ₹1,59,500 by 10:45 am. The yellow metal continued to trade under pressure, reflecting broader weakness across bullion markets.
Silver futures faced even steeper losses. Contracts for July 3 plunged 4.12 per cent, or ₹12,000, to touch ₹2,79,102 during the session, making it the worse performer among the two precious metals.
At the last update, gold was trading at ₹1,59,792, down 1.34 per cent (₹2,186) from the previous close. It had earlier touched an intraday high of ₹1,60,992, still below the previous session’s closing level by about 0.6 per cent.
Silver also remained sharply lower at ₹2,80,091, down 3.78 per cent, or ₹11,011, from its previous close. During the session, it recorded an intraday high of ₹2,83,219, marking a decline of around 2.7 per cent compared to the prior close.
Market analysts attributed the fall in precious metals to the strengthening dollar index, which typically reduces demand for gold and silver by making them more expensive for holders of other currencies.
