Gold Futures Gain Ground On Multi Commodity Exchange While Silver Settles Near Two Lakh Sixty-Three Thousand

Mumbai: The Indian bullion market witnessed contrasting movements on Thursday as gold futures recovered lost ground on the Multi Commodity Exchange (MCX), while industrial demand pressures kept silver prices trading tightly around the 2.63 lakh Indian rupees per kilogram threshold.

The mixed performance reflects shifting investor sentiment as global markets react to macroeconomic cues out of the United States and geopolitical tracking in West Asia.  On the MCX, gold contracts for upcoming delivery rebounded by 0.47% to hover near 1,59,080 Indian rupees per 10 grams, drawing strong safe-haven support. Conversely, silver futures witnessed a moderate correction, slipping slightly by 0.26% to close near 2,63,950 Indian rupees per kilogram.

Analysts attribute silver's consolidation to minor pullbacks in international spot silver benchmarks alongside a fluctuating rupee-dollar exchange rate, which heavily influences landed import costs.In the retail physical markets, asset prices displayed minor variations across major metros due to localized state levies, octroi taxes, and varying transportation charges.

In New Delhi, 24-carat retail gold stabilized at approximately 15,636 Indian rupees per gram, while 22-carat jewelry-grade gold was quoted at 14,334 Indian rupees per gram. In the national capital, retail physical silver was priced higher at 2,79,900 Indian rupees per kilogram due to immediate spot demand.  

Down south in Chennai, traditionally a high-premium retail zone, 24-carat gold held an elevated position at 15,817 Indian rupees per gram, whereas retail silver hovered around 2,89,900 Indian rupees per kilogram. Financial hub Mumbai tracked lower alongside Kolkata, where 24-carat pure gold settled uniformly at 15,621 Indian rupees per gram. Experts predict bullion volatility will remain high through June as domestic traders eye crucial global central bank interest rate trajectories.