Mumbai, May 21 (IANS) Gold and silver prices traded lower on Thursday, while investors closely monitored safe-haven demand and ongoing geopolitical uncertainties.

On the Multi Commodity Exchange (MCX), gold futures (June 5) fell as much as 0.42 per cent or Rs 687 to hit an intraday low of Rs 1,59,319 at around 12 pm.

The yellow metal was trading at Rs 1,59,400, down 0.38 per cent or Rs 606. It touched an intraday high of Rs 1,59,992.

Silver futures (July 3) declined 1.4 per cent or Rs 3,864 to Rs 2,70,401, its intraday low so far.

The white metal was trading at Rs 2,70,810, down 1.26 per cent or Rs 3,455. During the session, it touched an intraday high of Rs 2,73,196.

Earlier in the day, gold and silver opened on the commodity exchange at Rs 1,59,900 and Rs 2,72,275, respectively.

In the international market, precious metals were also trading lower. COMEX gold traded 0.21 per cent lower at $4,525.80 per ounce, while COMEX silver declined 1.06 per cent to $75.37 per ounce.

Analysts said MCX silver opened sharply lower and continued to trade cautiously above the Rs 2,72,000 level.

According to market experts, the Rs 2,75,000–Rs 2,76,000 range remains an immediate resistance zone, and a sustained move above these levels could support a recovery towards Rs 2,78,000–Rs 2,80,000.

On the downside, they noted that a breach below Rs 2,71,000 may pull silver prices towards the Rs 2,68,000–Rs 2,67,000 range.

Experts added that the near-term trend in silver prices will largely depend on safe-haven demand and developments surrounding global geopolitical tensions.

For gold, they said MCX gold opened with a mild gap lower and continued to hold above the Rs 1,59,500 level during the session, adding that the near-term outlook for gold remains cautious, with price direction likely to depend on global risk sentiment and geopolitical developments.

Meanwhile, international benchmark Brent crude rose 1.55 per cent to $106.65 per barrel, while US WTI crude climbed nearly 2 per cent to $100.11 per barrel.

–IANS

ag/