Gold prices declined significantly on Wednesday, with MCX gold June futures dropping ₹1,121 to ₹1,57,959 per 10 grams as reported by The Economic Times. This represents a substantial decline from the previous session's performance, with gold futures for June 2026 delivery falling from the earlier reported ₹1,58,137 per 10 grams. The precious metal's decline was attributed to profit-taking activities amid unfavorable market conditions, with gold opening on a weak note despite previous session gains.
The decline in gold prices was primarily driven by a rise in the US dollar and higher bond yields, as reported by The Economic Times. These factors created an unfavorable environment for precious metals, leading to the profit-taking behavior observed in the market. The dollar's strength typically makes gold more expensive for international buyers, while higher bond yields often indicate economic growth expectations that can reduce safe-haven demand for gold. Additionally, U.S. Treasury yields and a stronger dollar weighed on bullion despite optimism over a potential US-Iran peace deal, with markets remaining cautious as uncertainty persisted over peace negotiations and ongoing disruptions to Middle East oil supplies.
MCX silver July 2026 futures fell ₹2,889 or 1% to ₹2,67,230 per kg, according to The Economic Times reports. This represents a significant decline from the earlier reported ₹2,68,000 per kg, with silver futures experiencing similar downward pressure as gold during the morning trading session. The silver market mirrored gold's performance, with both precious metals experiencing coordinated declines during Wednesday's session.
In international markets, spot gold slipped 0.3% to $4,467.59 per ounce by 0233 GMT, as reported by The Economic Times. U.S. gold futures for June delivery declined 0.9% to $4,471.10 per ounce, with bullion having touched its lowest level since March 30 in the previous session. Spot silver fell 0.8% to $73.22 per ounce, while platinum eased 0.5% to $1,912.67 and palladium gained 0.2% to $1,356.32 per ounce. Among other precious metals, international markets showed mixed performance with varying degrees of decline across different precious metals.
On MCX, gold is seen finding support in the ₹1,57,700-1,56,650 range with resistance at ₹1,60,350-1,61,100, while silver has support at ₹2,66,600-2,63,000 and resistance at ₹2,74,400-2,80,000, as reported by The Economic Times. Prithvi Finmart had previously recommended buying silver in the ₹2,71,000-2,67,000 range with targets of ₹2,81,000-2,85,000, advising investors to maintain prescribed stop losses and consider booking profits near target levels. Physical gold rates across major cities show standard gold (22 carat) at ₹1,15,288-1,18,968 per 8 grams and pure gold (24 carat) at ₹1,25,760-1,29,784 per 8 grams depending on the city.
