New Delhi, April 10 Gold and silver prices witnessed a decline of around 1 per cent on Friday on the Multi Commodity Exchange (MCX), as investors booked profits amid easing safe-haven demand.
MCX gold declined 0.56 per cent to hit an intra-day low of Rs 1,52,561 per 10 grams, while silver futures (May 5) plummeted 0.7 per cent by logging an intraday low of Rs 2,42,067 per kg against the previous close.
The yellow metal touched an intraday high of Rs 1,52,990, a decrease of 0.28 per cent or Rs 444. It was trading at Rs 1,52,810, down Rs 624 or 0.41 per cent at 11:20 am.
On the other side, the white metal touched an intraday high of Rs 2,43,704, up 0.02 per cent or Rs 64. At the last count, it was trading at Rs 2,42,899, down Rs 869.00 or 0.36 per cent.
According to analysts, MCX Gold is trading above Rs 1,52,500 with gradual buying at lower levels. "The interest is visible, but momentum is still not strong enough to confirm a trend. A sustained move above Rs 1,53,000 can revive bullish momentum towards Rs 1,55,000," they said.
On the downside, a break below Rs 1,52,000 can drag prices towards Rs 1,50,000 and Rs 1,48,000. The bias remains mildly positive, though a confirmed breakout is needed to sustain the move higher, they added.
MCX Silver is holding above Rs 2,42,000, supported by both safe-haven demand and industrial strength.
"However, the price action is still cautious. Resistance is placed at Rs 2,45,000-Rs 2,47,000, according to the analysts. They further stated that a breakout can push prices towards Rs 2,50,000–Rs 2,52,000. On the downside, a break below Rs 2,40,000 can trigger selling towards Rs 2,36,000–Rs 2,35,000.
Precious metals have been under pressure in recent sessions as investors shift towards riskier assets such as equities, following signs of de-escalation in geopolitical tensions.
However, continued uncertainty around the US-Iran situation could limit the downside in precious metal prices.
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