Gold Prices on MCX Surge 0.1%, Silver Declines 0.12% Amid Market Fluctuations

Precious Metals Trade Marginally Higher Amid Elevated Dollar

Precious metals traded marginally higher on early May 5 trade, as a rise in crude price kept the dollar elevated. The international spot gold traded 0.38 percent higher at $4,550.70 per ounce on early Comex trade, while silver inched 0.11 percent up to $73.65 per ounce.

In the domestic market, the gold futures contract for June 2026 opened the MCX trade 0.1 percent higher to Rs 1,49,490 per 10 grams of 24-karat purity. However, silver edged 0.12 percent down to Rs 2,43,600 per kilogram.

The rupee's performance on Monday (May 4) was marked by a decline below 95.05, as sustained FII outflows and crude prices above $100 continued to pressure the currency. Analysts estimate that the trend remains weak, with 94.50 acting as immediate resistance and 95.40 as key support in the near term.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Price Comparison of Gold Across Different Purities

The decline in precious metal prices can be attributed to elevated oil prices, which have kept inflation expectations high and supported a higher interest rate outlook, limiting gold's upside. Analysts point to the upcoming US Non-Farm Payrolls and unemployment data, which could further influence dollar strength and add pressure on gold.

Analyst Outlook

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities

In the near term, gold is expected to remain volatile with a slight downside bias, with support near Rs 1,48,500 and resistance around Rs 1,51,000. The Augmont Bullion report estimates that gold will trade in the $4,500-$4,850 (Rs 1,48,000 - 1,55,000) range, and silver in the $71-$80 (Rs 2,35,000 - 2,55,000) range.

The report also noted that gold ETFs recorded net inflows of Rs 31,561 crore in Q1 FY26 alone, driven by a 63 percent surge in gold prices and investor rotation from equities.