Gold and Silver Prices Drop 1% Amid Profit-Taking
Synopsis
On April 10, gold and silver prices on the MCX fell by nearly 1% as investors engaged in profit-taking, reflecting a shift from safe-haven assets amid easing demand. Analysts suggest cautious trading with potential for upward momentum depending on market movements.
Key Takeaways
Gold and silver prices fell about 1% due to profit-taking.
Gold hit an intra-day low of Rs 1,52,561.
Silver futures dropped to Rs 2,42,067.
Analysts suggest cautious trading with potential for upward movement.
Geopolitical tensions and market sentiment are influencing precious metal prices.
New Delhi, April 10 (NationPress) The prices of gold and silver on the Multi Commodity Exchange (MCX) fell by approximately 1% on Friday, as investors took profits in light of diminishing safe-haven demand.
The price of MCX gold decreased by 0.56%, reaching an intra-day low of Rs 1,52,561 for every 10 grams, while silver futures for May 5 dropped by 0.7%, recording an intraday low of Rs 2,42,067 per kg compared to the previous closing.
The yellow metal peaked at Rs 1,52,990 during the day, which was a decline of 0.28% or Rs 444. As of 11:20 am, it was trading at Rs 1,52,810, down by Rs 624 or 0.41%.
Conversely, the white metal reached an intraday high of Rs 2,43,704, reflecting a slight increase of 0.02% or Rs 64. At the latest update, it was trading at Rs 2,42,899, down by Rs 869.00 or 0.36%.
Analysts noted that MCX Gold is trading above Rs 1,52,500, with gradual buying emerging at lower levels. "While interest is evident, the momentum isn't sufficiently strong to confirm a trend. A consistent move above Rs 1,53,000 could rejuvenate bullish momentum towards Rs 1,55,000," they commented.
On the downside, if prices fall below Rs 1,52,000, it might push them towards Rs 1,50,000 and Rs 1,48,000. The sentiment remains mildly positive, but a confirmed breakout is essential to sustain upward movement, they added.
MCX Silver is maintaining levels above Rs 2,42,000, buoyed by both safe-haven interest and industrial demand.
“Nevertheless, price movements remain cautious. Analysts indicate resistance is set between Rs 2,45,000 and Rs 2,47,000. A breakout could elevate prices towards Rs 2,50,000–Rs 2,52,000. Conversely, a fall below Rs 2,40,000 could trigger selling towards Rs 2,36,000–Rs 2,35,000,” they reported.
Recent sessions have seen pressure on precious metals as investors pivot towards riskier assets like equities, following indications of reduced geopolitical tensions.
However, ongoing uncertainties regarding the US-Iran situation may limit the downside for precious metal prices.
Point of View
I observe that the recent decline in gold and silver prices signals a shift in investor sentiment. The market's cautious approach reflects both profit-taking and a transition towards riskier assets, highlighting the delicate balance between safe-haven demand and broader market trends.
NationPress
22 Jul 2026
Frequently Asked Questions
Why did gold and silver prices decline?
Gold and silver prices fell due to profit-taking by investors and a decrease in safe-haven demand amid easing geopolitical tensions.
What levels are critical for gold prices?
Analysts suggest that a sustained move above Rs 1,53,000 could indicate bullish momentum, while a drop below Rs 1,52,000 may lead to further declines.
What is affecting silver prices?
Silver prices are being influenced by both safe-haven demand and industrial strength, but remain cautious with resistance levels set between Rs 2,45,000 and Rs 2,47,000.
Are precious metals under pressure?
Yes, precious metals have been under pressure as investors shift focus to riskier assets, although uncertainties regarding the US-Iran situation may offer some support.
What should investors watch for in the market?
Investors should monitor critical price levels and market sentiment, particularly any signs of geopolitical stability or further shifts towards riskier assets.
