Gold And Silver Prices Slide On MCX As Profit Booking Intensifies; RBI MPC Outcome In Focus

Market participants are closely tracking global developments and the RBI MPC policy decision for further direction. Gold prices corrected sharply on the Multi Commodity Exchange on Friday morning as traders booked profits after the recent rally.

The fall came amid a stronger US dollar, easing geopolitical concerns and subdued demand in the spot market. MCX gold April futures declined by nearly ₹2,700 to trade around ₹1,49,396 per 10 grams. Silver prices also witnessed heavy selling pressure, with MCX silver March contracts dropping by around ₹14,600 to ₹2,29,187 per kg.

Global Cues Weigh On Precious Metals

International bullion prices moved lower as the US dollar strengthened against major currencies, making dollar-denominated commodities more expensive for overseas buyers. US gold futures for April delivery slipped to around $4,806 per troy ounce, while COMEX silver prices fell sharply to near $63.90 per ounce.

Market sentiment remained cautious amid volatility in global equity and cryptocurrency markets, which added pressure across asset classes, including precious and industrial metals.

Easing geopolitical tensions also weighed on safe-haven demand. Reports indicating renewed diplomatic engagement between the US and Iran, including plans to resume nuclear negotiations in Oman, reduced immediate risk concerns in global markets.

RBI MPC Policy In Focus

Attention is also firmly on the Reserve Bank of India’s Monetary Policy Committee decision due today. The central bank is widely expected to keep interest rates unchanged, supported by steady economic growth and low inflation.

Market participants are assessing how the RBI’s stance on liquidity and inflation outlook may influence near-term movements in bullion prices.

Key Levels Highlighted By Analysts

According to commodity market analysts, gold and silver are witnessing near-term consolidation after recent sharp moves. Gold is seen finding support around $4,770 and $4,640 per troy ounce in the international market, with resistance placed near $4,955 and $5,050. On the MCX, gold has support around ₹1,47,700, while resistance is seen near ₹1,54,200.

Silver has international support near $71.20 and $64 per ounce, with resistance around $84.40. On the domestic exchange, key support levels are placed near ₹2,25,000 and ₹2,12,000 per kg, while resistance is seen around ₹2,54,000.

Analysts noted that the recent correction reflects profit booking and technical adjustments rather than a shift in long-term fundamentals, with macro uncertainty and central bank actions continuing to influence precious metal prices.