Precious metals trade lower; silver futures slide 4%, gold down 1.5%

Prices declined across Comex, MCX and exchange traded funds (ETFs), with silver prices falling nearly 4 per cent and gold prices declining around 1.5 per cent

Gold and silver prices came under pressure on Friday, with silver witnessing sharper losses, as near-term sentiment remained cautious amid ongoing geopolitical uncertainties and fluctuating safe-haven demand. Prices declined across Comex, MCX and exchange traded funds (ETFs), with silver prices falling nearly 4 per cent, while gold prices declined nearly 1.5 per cent.

 

At last check, Comex silver prices were trading 4.12 per cent lower at $81.815, while Comex gold was quoted at $4,617.30, down 1.45 per cent.

 

Ponmudi R, CEO, Enrich Money, said immediate resistance for Comex silver is placed at $83-$84, and a sustained move above this band is required to strengthen momentum and extend the rally toward the $87-$89 range. On the downside, $80 acts as immediate support, while the $77-$76 zone remains a stronger support base if recovery momentum weakens.

 

Overall, he said, the near-term bias remains cautious to negative, with ongoing geopolitical tensions continuing to support sentiment and underpin prices.

 

Meanwhile, for Comex gold, Ponmudi said a sustained move above the $4,700-$4,750 level could strengthen upside momentum and push prices toward $4,800. On the downside, immediate support is placed at $4,560-$4,520, and a break below this zone could extend weakness toward $4,450-$4,400. However, failure to hold above key support levels could weaken the broader structure and increase downside pressure.

MCX Gold, Silver prices

MCX silver opened with a sharp gap-down and traded in the ₹2,82,000-₹2,83,000 zone, extending the previous session’s decline after breaking below short-term support. At last check, MCX Silver July 3 futures were trading 2.81 per cent lower at ₹2,82,923 per kg.

 

For MCX silver, Ponmudi said immediate resistance stands at ₹2,85,500-₹2,86,000, and a sustained move above this zone could stabilise prices and trigger a recovery toward ₹2,87,000-₹2,90,000.

 

“On the downside, ₹2,79,000 acts as immediate support; a break below this level could take prices back into the previous consolidation zone of ₹2,74,000-₹2,79,000. The near-term bias remains cautious, contingent on safe-haven demand amid ongoing geopolitical uncertainties,” he said.

 

MCX gold opened with a gap-down and traded below the ₹1,60,000 mark after failing to sustain above recent highs and breaking below the short-term consolidation zone. At last check, MCX Gold June 5 futures were trading at ₹1,60,690 per 10 gm, down 0.80 per cent at 9:50 AM on Friday.

 

“Immediate resistance stands at ₹1,61,000-₹1,61,800; a sustained move above this zone could reconfirm bullish pressure and push prices toward ₹1,62,500-₹1,63,000. On the downside, ₹1,59,700-₹1,59,000 acts as immediate support, with further weakness likely to extend toward ₹1,58,500,” said Ponmudi.

 

He believes the near-term bias has turned cautious to bearish, with direction contingent on global risk sentiment and US dollar strength.

Gold, silver ETFs decline

Prices of gold and silver exchange traded funds (ETFs) also declined on Friday. At last check, Motilal Oswal Silver ETF was trading 5.19 per cent lower, while Kotak Silver ETF, DSP Silver ETF, Zerodha Silver ETF, Mirae Asset Silver ETF, Tata Silver Exchange Traded Fund, HDFC Silver ETF, Nippon India Silver ETF, UTI Silver ETF, SBI Silver ETF, 360 ONE Silver ETF, Aditya Birla Sun Life Silver ETF, and ICICI Prudential Silver ETF were trading with losses of over 4 per cent each.

 

At last check, Tata Gold Exchange Traded Fund was trading 0.70 per cent lower, while Nippon India ETF Gold BeES, Groww Gold ETF, ICICI Prudential Gold ETF, Zerodha Gold ETF, HDFC Gold ETF, SBI Gold Exchange Traded Scheme - Growth Option, and Angel One Gold ETF were down up to 0.67 per cent.

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