Gold, silver: Domestic bullion rebounds, global market remains subdued

Gold and silver prices swung sharply on Thursday, recovering from steep early losses as bargain buying emerged despite pressure from a stronger dollar

Gold and silver prices witnessed sharp volatility on Thursday. At the start of trade, gold on the global Comex market slipped below $4,000 an ounce for the first time this year, while silver fell to its lowest level of 2026. In the domestic market, gold and silver futures on the Multi Commodity Exchange (MCX) also declined sharply during the first hour of trading. However, both metals later recovered and traded higher. Global prices also rebounded from their lows, though they remained in negative territory at the time of writing.

 

Gold recovers in the domestic market

 

Gold futures opened lower. On the MCX, the benchmark August gold contract opened at Rs 140,672 per 10 grams, down Rs 598 from the previous close of Rs 141,270.

 

 

By 5:20 pm on Thursday, the contract was trading at Rs 141,789, up Rs 519 from the previous close. During the session, it touched an intraday high of Rs 142,548 and a low of Rs 140,543.

 

Gold futures had touched a record high of Rs 180,779 per 10 grams earlier this year.

 

Silver rebounds after a weak start

 

Silver futures also opened on a weak note. The benchmark July silver contract on the MCX opened at Rs 210,308 per kg, down Rs 2,767 from the previous close of Rs 213,075.

 

However, by 5:20 pm on Thursday, the contract had recovered to trade at Rs 216,368 per kg. During the session, it touched an intraday high of Rs 219,401 and a low of Rs 210,043, reflecting an intraday swing of more than Rs 9,000.

 

Silver futures had touched a record high of Rs 420,048 per kg earlier this year.

 

Movement in the domestic spot market

 

Trading in the domestic spot bullion market remained subdued.

 

According to the India Bullion and Jewellers Association (IBJA), gold prices (excluding GST) closed at Rs 139,873 per 10 grams on Thursday, lower than the previous close of Rs 142,178.

 

Spot silver closed at Rs 216,541 per kg. On Tuesday, silver had settled at Rs 222,035 per kg.

 

Gold, silver remain weak despite recovery

 

Gold and silver futures continued to trade weak in international markets.

 

On Comex, gold opened at $4,019 an ounce against the previous close of $4,008.80. At the time of writing, it was trading at $3,998.90 an ounce, down $9.90. During the session, it had fallen to an intraday low of $3,976.30 an ounce. Gold had touched a record high of $5,586.20 an ounce earlier this year.

 

Comex silver futures opened at $57.59 an ounce compared with the previous close of $58.08. At the time of writing, silver was trading at $57.23 an ounce, down $0.85. It had slipped to an intraday low of $56.40. Silver had touched a record high of $121.79 an ounce earlier this year.

 

Why did gold and silver remain volatile?

 

According to market experts, gold and silver prices had declined sharply in recent sessions due to a stronger US dollar and expectations that the US Federal Reserve could raise interest rates.

 

However, on Thursday, crude oil prices slipped below $70 a barrel, easing concerns over further rate hikes. Increased buying at lower levels also supported a recovery in precious metal prices.

 

Prices on MCX and Comex

 

MCX

 

Commodity        Opening Price    Previous Close   Current Price

Gold                    140,672                 141,270                 141,789

Silver                   210,308                 213,075                 216,368

 

Comex

 

Commodity        Opening Price    Previous Close   Current Price

Gold                    4,019.00               4,008.80               3,998.90

Silver                     57.59                    58.08                   57.23

 

Note: On the MCX, gold futures are quoted in rupees per 10 grams and silver futures in rupees per kg. On Comex, both gold and silver futures are quoted in US dollars per ounce. The last traded prices (LTPs) are as of the time of writing.