Gold and silver prices extended their losses on Thursday, with silver falling sharply compared to gold, as global cues and profit booking weighed on the metals.
On the Multi Commodity Exchange (MCX), gold futures (June 5, 2026 contract) were trading at Rs 1,49,283 at 11:15 am, down Rs 4,425 or 2.88%. The metal moved in a day range of Rs 1,49,250 to Rs 1,52,490.
Silver futures (May 5, 2026 contract) saw a steeper fall. Prices were at Rs 2,28,891 at 11:14 am, down Rs 14,610 or 6.00%. The day range for silver stood between Rs 2,28,891 and Rs 2,42,800.
The weakness in domestic prices comes in line with global trends. Spot gold fell 2% to $4,664.39 per ounce, while US gold futures declined 2.5% to $4,691.10.
The fall comes after gold had touched a two-week high earlier, marking its highest level since March 19, before reversing gains.
The decline in prices follows fresh comments from . In a recent address, Trump said the United States would continue aggressive strikes on Iran over the next two to three weeks and that its main strategic goals were nearing completion.
These remarks pushed crude oil prices higher and reduced expectations of early interest rate cuts. Higher oil prices and firm rate outlook tend to weigh on gold and silver prices.
Data from the exchange shows short build-up in both gold and silver. This means new short positions are being created as prices fall, indicating a bearish trend in the near term.
The combination of falling prices and rising open interest suggests traders expect further downside.
Silver’s sharper fall compared to gold highlights its higher volatility. While gold is mainly seen as a safe-haven asset, silver is also linked to industrial demand.
This makes silver more sensitive to changes in global growth outlook and market sentiment, leading to larger price swings.
Ponmudi R, CEO of Enrich Money, said MCX gold is showing signs of weakness near higher levels.
“MCX Gold opened with a mild gap down and is currently trading below Rs 1,51,000 level, indicating underlying selling pressure near resistance levels despite some intraday volatility. Price action suggests fading strength at higher levels, keeping the broader tone cautious with a mild downside bias.”
He added that key levels will be important to watch.
“On the upside, a sustained move above Rs 1,52,000 level would strengthen bullish momentum and may open the path toward Rs 1,54,000-1,55,000 with further upside potential toward Rs 1,56,000-1,58,000 level, where supply pressure is likely to emerge.”
He also flagged downside risks.
“On the downside, a sustained break below Rs 1,50,000 could trigger extended profit booking, potentially dragging prices toward Rs 1,48,000-1,46,000 range. The near-term bias remains cautious with macro uncertainty and geopolitical developments expected to continue driving momentum.”
On silver, he said the outlook remains uncertain in the short term.
“Overall, the near-term outlook remains cautious, with price action largely dependent on the ability to sustain above key support levels, while geopolitical developments and macro cues continue to influence market direction.”
In the near term, both gold and silver are likely to remain volatile. Global cues, crude oil prices and further updates on the Iran situation will be key factors.
While gold may find some support due to its safe-haven appeal, silver could continue to see sharper movements in either direction.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)