Daijiworld Media Network - New Delhi
New Delhi, Aug 5: Gold and silver prices moved in opposite directions on Tuesday, with gold slipping slightly while silver surged both in Indian and global markets.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by Rs 91 to Rs 1,00,076 per 10 grams, compared to Rs 1,00,167 on Monday. 22-carat gold also edged down to Rs 91,670, while 18-carat gold declined marginally to Rs 75,057 per 10 grams.
In contrast, silver prices jumped by Rs 522, rising from Rs 1,11,900 to Rs 1,12,422 per kg, marking a notable gain.
This mixed trend was reflected in the futures market as well.
• Gold futures for October 3 delivery on the Multi Commodity Exchange (MCX) dropped 0.37% to Rs 1,00,830 per 10 grams.
• Silver futures, however, gained 0.33%, reaching Rs 1,12,160 per kg for September 5 delivery.
On the international front, gold prices continued their downward trend, falling 0.31% to $3,416.20 per ounce on Comex. Silver, on the other hand, rose 0.65% to $37.58 per ounce.
According to Jateen Trivedi, analyst at LKP Securities, the decline in gold was driven by resistance at key technical levels and a steady rupee.
"Gold traded weak as Comex gold faced resistance near the $3,370–$3,375 zone, and the rupee holding around 87.80 added pressure on domestic prices," he noted.
Trivedi also said markets are closely watching Manufacturing PMI data and ongoing trade tariff developments, particularly in light of the U.S.'s aggressive push to recalibrate global tariffs.
Despite the pullback, analysts expect gold to remain in a volatile but supported range of Rs 99,000–Rs 1,01,500, influenced by broader concerns over global trade tensions and dollar movement.