Noida, 2 Apr (APAC Media): Yellow metals declined sharply in Indian and global markets on Thursday as silver declined by more than 5%, while gold declined by more than 1% on the MCX as a result of risk off sentiment triggered by geopolitical and macroeconomic events.
MCX silver futures for May delivery tumbled by around Rs 13,613, or 5.5%, settling at Rs 2,29,888 per kilogram, while gold futures for June delivery fell about Rs 2,574, or 1.6%, to Rs 1,51,161 per 10 grams, reflecting continued pressure on precious metals amid market volatility.
Market participants said that U.S. President Donald Trump’s remarks on Iran and heightened geopolitical tensions failed to calm markets, prompting a broad sell‑off in yellow metals. Gold and silver both began trade weakly as a stronger U.S. dollar, rising crude oil prices, and elevated bond yields weighed on bullion demand.
Domestically, 22‑carat gold in Mumbai was trading at approximately Rs 1,12,168 per 8 grams, while 24‑carat gold hovered around Rs 1,22,368 per 8 grams, indicating continued pressure from weaker global precious metal markets.
Analysts noted that gold has posted its deepest monthly drop since 2008 as expectations for further and earlier monetary tightening have risen, trimming safe‑haven appeal.
“The overall price structure remains weak, and volatility is likely to persist,” said a market strategist.
The industry experts continue to view gold and silver as key long-term portfolio hedges amid global market uncertainty. They, however, warned investors to exercise caution, lock in profits during rallies, and hold off on new long positions until market trends become more defined.
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