Breaking its four-day winning streak, gold futures for June delivery fell by Rs 5,509 or 3.6%, reaching an intraday low of Rs 1,48,200 per 10 grams on the Multi-Commodity Exchange on Thursday, April 2, in contrast to the previous session’s closing price of Rs 1,53,708 per 10 grams. At approximately 11:12 AM, the yellow metal contract was trading Rs 2,050 or 2.28% lower at Rs 1,50,200 per 10 grams in business transactions of 6,673 lots, reflecting a sell-off in international prices. In the current holiday-shortened week, the safe-haven futures contract has experienced a decline of 2%. As of the current moment, silver futures set to expire in May have reached an intraday low of Rs 2,28,891 per kilogram, reflecting a decline of Rs 14,610 or 6% in trading volume, with 5,808 lots exchanged on the MCX, compared to the prior closing price of Rs 2,43,501 per kilogram.
This week, the futures for the white metal have increased by approximately 2%. The MCX will be closed on April 3 in observance of Good Friday. Internationally, COMEX gold contracts for May expiry experienced a decline of up to 2.68%, reaching an intraday low of $4,646.90 per troy ounce, compared to the previous session’s closing price of $4,796.10. At the time of writing, it was trading 2.85% lower at $4,659.20 per troy ounce. Over the past five days, the COMEX yellow metal contract with an April expiry has experienced a notable increase of 7%. The metal has experienced a decline of nearly 12% in March, attributed to the ongoing conflict in West Asia, representing its most significant monthly decrease since 2008. COMEX silver (delivery in May) has experienced a significant decline, dropping as much as 7.59% to reach a low of $70.305 per ounce, in contrast to the previous close of $76.08 per ounce. The contract was trading at $71.12 per ounce, reflecting a decline of 6.52% at the time of writing. It has increased by 4% over the past five days.
Internationally, COMEX gold contracts for May expiry experienced a decline of up to 2.68%, reaching an intraday low of $4,646.90 per troy ounce, compared to the closing price of $4,796.10 in the prior session. At this time, it was trading 2.85% lower at $4,659.20 per troy ounce. Over the past five days, the COMEX yellow metal contract with an April expiry has experienced a notable increase of 7%. The metal has experienced a decline of nearly 12% in March, attributed to the ongoing conflict in West Asia, representing its most significant monthly decrease since 2008. COMEX silver (delivery in May) has experienced a significant decline, dropping as much as 7.59% to reach a low of $70.305 per ounce, in contrast to the previous close of $76.08 per ounce. The contract was trading at $71.12 per ounce, reflecting a decrease of 6.52% at the time of writing. The asset has experienced a 4% increase over the past five days.
Gold prices ended their four-day winning streak following a national address by the US President on April 1, in which he announced that the US would persist in its military engagement in Iran over the coming weeks, dampening expectations for de-escalation. In a televised address, US President Donald Trump indicated that the United States was poised to impose significant pressure on Iran “extremely hard over the next two or three weeks.” In the aftermath of the address, Brent Crude prices remained positioned above the $105 per barrel mark, just a day subsequent to dipping below the $100 per barrel threshold. Meanwhile, the dollar exhibited strength, with the dollar index, which measures the greenback’s performance against a basket of six currencies, trading 0.51% higher at 100.055.