Gold and silver prices slipped nearly 2 per cent on the Multi Commodity Exchange (MCX) on Wednesday, 24 June, as persistent concerns over elevated global interest rates dampened investor appetite for precious metals. The selloff mirrored weakness in international spot markets, where both metals also traded in the red.

Gold Futures Under Pressure

On the MCX, gold futures (August contract) opened at ₹1,45,000 per 10 grams, down ₹1,528 or 1.04 per cent from the previous close of ₹1,46,529. By around 12:10 pm IST, the yellow metal was trading at ₹1,45,216, a decline of ₹1,313 or 0.9 per cent. During the session, gold touched an intraday low of ₹1,44,114, marking a fall of 1.64 per cent or ₹2,415 from the previous close, before recovering marginally to a session high of ₹1,45,480.

Silver Also Slides Sharply

Silver futures (July contract) opened at ₹2,22,579 per kg, down ₹3,255 or 1.44 per cent from the previous close of ₹2,25,834. The white metal extended losses to ₹2,21,658, a decline of as much as 1.84 per cent or ₹4,176 during the session. The pressure on silver was broad-based, consistent with the global risk-off tone in commodity markets.

International Markets Echo the Weakness

The domestic decline tracked losses in global spot markets. Spot gold was trading at $4,092.39 per ounce, down 0.4 per cent, while spot silver was at $61.82 per ounce, lower by 0.33 per cent. Adding to the pressure, the dollar index — which measures the greenback against a basket of six major currencies including the euro, Japanese yen, and British pound — rose to 101.265, making dollar-denominated metals more expensive for holders of other currencies and further suppressing demand.

What Commodity Experts Are Watching

According to commodity market experts, gold's immediate resistance is seen in the ₹1.45 lakh–₹1.46 lakh range. A sustained move above this zone could trigger a recovery towards ₹1.47 lakh and eventually ₹1.48 lakh. On the downside, a breach of ₹1.43 lakh could intensify selling pressure, dragging prices towards the ₹1.40 lakh–₹1.39 lakh zone.

For silver, experts place immediate resistance at ₹2.25 lakh–₹2.26 lakh per kg. A break below ₹2.20 lakh could push prices towards ₹2.15 lakh and lower. Overall, analysts maintain a cautiously negative near-term outlook on both metals, citing persistent selling pressure and the need for prices to reclaim key resistance levels before momentum can improve. This comes amid a broader global environment where central banks — particularly the US Federal Reserve — have signalled that interest rates may remain elevated longer than markets had anticipated, reducing the appeal of non-yielding assets like gold and silver.